Access Holdings gets SEC’s nod for N351bn rights issue

Access Holdings Plc says it has received approval from the Securities and Exchange Commission (SEC) for the commencement of its N351 billion rights issue. 

This marks a significant milestone in the group’s previously announced Capital Raising Programme, which aims to generate up to US$1.5 billion, according to a statement on Sunday.

It said: “The rights issue is strategically structured to bolster Access Holdings’ financial position and support ongoing working capital needs. It will also provide funding for organic growth across its banking and non-banking subsidiaries.

“The approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share. The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of 7 June 2024.”

The lead issuing house for Access Holdings’ rights issue is Chapel Hill Denham Advisory Limited, while Atlas Registrars Limited will serve as the registrars to the offer, according to the statement.

The offer will open on July 8, 2024, and close on August 14, 2024.