Access Holdings to Raise N351bn from Rights Issues
With a plan to raise N351 billion, Access Holdings Plc has opened its rights issue to shareholders at N19.75 per share, the financial services group said at its signing ceremony held in Lagos on Tuesday.
In a statement, Access said the offer to shareholders is part of the group’s strategy to enhance its working capital requirements, which include organic growth funding for its banking and non-banking subsidiaries.
The rights issue is offered on the basis of one for every two ordinary shares held as of Friday, June 7, 2024 to shareholders, management said. Speaking at the official signing ceremony at a board meeting in Lagos, Aigboje Aig-Imoukhuede, group chairman, said the proceeds will be used for the group’s expansion drive across Africa and beyond.
He said the fund will also be channeled to non-banking business like pension and fintech, ensuring compliance with regulatory capital requirements. Aig-Imoukhuede said Access Holdings Plc has made tremendous strides in establishing itself as a leading financial services provider with presence across 3 continents and 22 countries, where it provides financial services across banking, pensions, lending, payments, and insurance brokerage.
“With this ceremony, we are taking a bold step in our vision to build a connected community and ecosystem, inspired by Africa, for the world. Indeed, the realisation of this vision requires the full buy-in of our valued shareholders. It is your support that ensures that we continue to optimise the emerging opportunities in the ecosystem and create long-term value.”.
The financial company chief said the rights issue, which is a key component of our 2023–2027 strategic plan, is open to existing shareholders at N19.75 per share. GMD added that this rights issuance programme will ensure Access Holdings Plc has the necessary capital buffers to withstand economic shocks and seize growth opportunities as part of the strategic planning cycle.
It will also strengthen our balance sheet, providing a robust platform from which to drive our ambitious growth objectives. According to the management, the ceremony is a testament of the group’s collective resolve and strategic foresight.
It represents the culmination of meticulous planning and collaboration, involving various stakeholders who share a common vision for a resilient and prosperous Access Holdings Plc, the official statement reads. #Access Holdings to Raise N351bn from Rights Issues FG Seeks More Investments as Oil Production Drops to 1.3mbpd
