Access Holdings Rises to N1.287trn on Rights Issue Listing
Nigeria’s largest commercial banking group, Access Holdings Plc.’s, market value rose to N1.287 trillion in the equities market after the financial services group listed additional shares from a successful completion of its rights issue offer to shareholders.
According to information obtained from the Nigerian Exchange, Access Plc’s share price settled at N24.15 on Friday ahead of the group’s fourth quarter earnings releases, from N24.50 at the beginning of the week.
The Nigerian Exchange listed Access Holdings Plc’s Right Issue totalling 17,772,612,811 ordinary shares of 50 kobo each at N19.75 on its trading platform. This increased the group shares outstanding on the local bourse to 53.17 billion in the equities market.
Following a successful rights issue offer, the holding company’s banking arm, Access, has achieved a new regulatory capital base of N500 billion. MarketForces Africa reported that the banking group’s rights issues increased its capital base by N100 billion in regulators’ demand. #Access Holdings Rises to N1.287trn on Rights Issue Listing Ministry Seeks $2 billion Fibre Optics Funding
