Access Holdings Seeks N565bn from Rights Issue, Private Placement
Access Holdings Plc has revealed a plan to raise N565 billion in capital from the local debt capital market to augment its funding profile. The financial services boutique has been expanding its balance sheet size with a series of acquisitions.
Following a sell-off by investors on the local stock exchange, Access Holdigs Plc’s valuation dropped to N803 billion on the stock market. Its share price fell from N24 at the beginning of the week to N22.4 on Friday’s close. According to Afrinvest Limited, the financial services group intends to raise the necessary funds through private placement and rights issues.
It also declared close period for insiders to trade on its share as the board begins the process of considering the first quarter of 2024 unaudited financial statement for submission to the regulators. Access Plc is the first Nigerian lender to release its 2023 audited financial statement to the Nigerian Exchange.
According to a recent regulatory demand by the central bank, the group is also expected to increase the capital base of its banking subsidiary to N500 billion in two years. Following its earnings release, the board of directors proposed a final dividend of N1.80 Kobo for every ordinary share of N0.50 Kobo each, subject to appropriate withholding tax.
This brings the total dividend for 2023 to N2.10 Kobo and this will be paid to shareholders whose names appear on the Register of Members as at the close of business on April 10, 2024. #Access Holdings Seeks N565bn from Rights Issue, Private Placement Naira Suffers Big, CBN Goes Ballistic Against FX Whales
