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Access Holdings opens subscription for N351bn Rights Issue

Ms. Bolaji Agbede, Acting Group GCEO of Access Holdings Plc

*Bolaji Agbede, Acting Group CEO of Access Holdings Plc, says the N351 billion Rights Issue subscription is an important step in the Group’s growth strategy and capital raising plan to reinforce its financial strength and accelerate strategic ambitions

Isola Moses | ConsumerConnect

The Access Holdings Plc (‘the Group’) has announced the commencement of the financial group’s N351 billion Rights Issue (‘the Offer’).

A subset of the Group’s Capital Raising Programme aims to generate up to US$1.5 billion.

According to the Group, the Rights Issue is designed to strengthen the Group’s financial footing and support ongoing working capital needs, including organic growth funding for its banking and non-banking subsidiaries.

Ms. Bolaji Agbede, Acting Group Chief Executive Officer (GCEO) of Access Holdings Plc, stated: “The commencement of the Rights Issue subscription is an important step in our growth strategy and capital raising plans, reinforcing our financial strength and accelerating our strategic ambitions.

“However, this execution is more than a capital raise.”

Agbede also noted: “It is a pivotal process that will propel us towards our goal of becoming one of the top 5 financial institutions in Africa by 2027.

“We are confident that this exercise will solidify our position as a market leader and drive sustainable growth for years to come.”

Access Holdings’ Rights Issue offers 17,772,612,811 Ordinary Shares of N0.50 each at N19.75 per share.

The Group further disclosed the Offer would be issued on the basis of one new Ordinary Share for every two existing Ordinary Shares held as of Friday, 7 June, 2024.

The lead issuing house for the Rights Issue is Chapel Hill Denham Advisory Limited. Atlas Registrars Limited will serve as Registrars to the Offer, according to Access Holdings Plc.

The Rights Circular will be distributed to shareholders by the Registrars to the Offer, while the application forms will also be available on the following Web sites: www.theaccesscorporation.com,  www.chapelhilldenham.com, www.coronationmb.com, and  www.atlasregistrars.com.

Currently operational in 22 countries across the globe, with 15 in Africa, Access Holdings noted the Group has established itself as one of the continent’s most trusted performers over the last 20 years.

The Group was reported to have recorded robust financial results for the year ending December 31, 2023, with a 335 percent increase in pre-tax profit to N729 billion and an 87 percent surge in gross earnings to N2.59 trillion.

A final dividend of N1.80 kobo per every N0.50 kobo ordinary share for the 2023 financial year was paid to shareholders, representing a 28 percent increase from the previous year, report stated.

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