Photo caption:Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede
Access Holdings Plc, one of Africa’s leading financial services groups, has announced the commencement of its N351 billion rights issue.
A subset of the Group’s Capital Raising Programme aiming to generate up to US$1.5 billion (one billion, five hundred million United States dollars), 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.
Bolaji Agbede, Acting Group Chief Executive Officer 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; 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 Offer will be issued on the basis of one (1) new ordinary share for every two (2) 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.
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 websites:
- www.theaccesscorporation.com
- www.chapelhilldenham.com
- www.coronationmb.com
- www.atlasregistrars.com
Now operational in 22 countries across the globe, with 15 in Africa, Access Holdings has established itself as one of the continent’s most trusted performers over the last 20 years. The Group reported robust financial results for the year ending December 31, 2023, with a 335 per cent increase in pre-tax profit to N729 billion and an 87 per cent 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 per cent increase from the previous year.
Access Holdings Plc had earlier received approval from the Securities and Exchange Commission (SEC) for the commencement of its N351 billion Rights Issue.
A statement by the bank said: “This marks a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to generate up to US$1.5 billion (One billion, five hundred million United States Dollars).
“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 (1) new ordinary share for every two (2) existing ordinary shares held as of Friday, 7 June 2024.
“The lead issuing house for Access Holdings’ Right Issue is Chapel Hill Denham Advisory Limited, while Atlas Registrars Limited will serve as the Registrars to the Offer.
“The Offer will open on Monday, July 8, 2024, and close on Wednesday, August 14, 2024.
“The Rights Circular will be distributed to shareholders by the Registrars to the Offer, Atlas Registrars Limited, while the application forms will also be available on the following websites:
- www.theaccesscorporation.com
- www.chapelhilldenham.com
- www.coronationmb.com
- www.atlasregistrars.com
“Shareholders are advised to contact their stockbrokers for more details about the Offer.
“Access Holdings remains committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders. The successful execution of this Rights Issue will further solidify the Group’s position as a leading financial services provider in Africa and beyond.
