Tengen Holdings Limited acquires 220m more units of Access Holdings shares

Bisola David
Bisola David
Tengen Holdings Limited acquires 220m more units of Access Holdings shares

Tengen Holdings (Mauritius) Limited, a business connected to Access Holdings Plc’s Group Chief Executive, Dr. Herbert Wigwe, has purchased 220 million more shares in the company for N2.4 billion.

Nairametrics reported that this notice was found in an insider’s notification of share dealing to the Nigerian Exchange Limited.

A total of 220 million shares, or 0.62% of the company’s outstanding stock, were purchased.

Tengen Holdings now possesses N652,577819 units of shares instead of the 432,577,819 units it had as of December 31, 2022, as a result of the transaction.

As a result, Wigwe’s indirect holdings of shares have increased from 1,554,369,017 as of December 31, 2022, to 1,774,369,017 units, while his direct holdings of shares remained at 201,231,713 units.

Tengen Holdings purchased 70,000,000 units of Access Holdings Plc on May 8, 2023, for N808.5 million, according to the notice acknowledged by that company’s secretary, Sunday Ekwochi.

Additionally, on May 10, 2023, the business paid N795 million for 75,000,000 units of the company’s shares at N10.6. In addition, the corporation purchased 75,000,000 units of shares at N10.06 per share, valued at N795 million, in a separate transaction on May 10th, 2023. The total cost of the shares now purchased is N2.4 billion.

Wigwe, the bank’s single largest shareholder, owns around 5.56% of all the bank’s shares. With this most recent acquisition, he hopes to further solidify his dominance as the bank’s largest shareholder.

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