The Securities and Exchange Commission has accepted the extension of Access Holdings Plc’s rights issuance until August 23.
A statement from the financial institution indicated that its N351bn rights issue, earlier scheduled for Wednesday, has been extended due to the effects of the hunger protests across the country, according to The Punch.
Access Holdings issued 17.772 billion ordinary shares at N19.75 each, assuming one new share for every two held as of June 7, 2024.
The statement, signed by the Group’s Company Secretary, Sunday Ekwochi, on Tuesday, read, “The decision is in response to the recent nationwide protest that disrupted operations of businesses and individuals across Nigeria and to provide shareholders with ample opportunity to subscribe to their rights.
“During the extended period of the issue, dealings by the company’s insiders on the company’s shares will continue to be strictly limited to participation in the Rights Issue as earlier approved by the Exchange in respect of the Non-Dealing Period on the Company’s Audited Interim Financial Statements for the Period Ended June 30, 2024, until 24 hours after the publication of the Interim Financial Statements.”
Meanwhile, the Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede said that the subscription offer will help the firm expand its growth initiatives and financial strength.
“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,” she noted.
Access Bank Plc is the largest bank in Nigeria in terms of asset size, with an asset size of about N32.57 trillion. The bank has about 737 branches, with 554 of these branches in Nigeria alone. Access Bank’s remaining 183 locations are in the 20 countries where Access Bank has subsidiaries.
