Access Holdings’ N351bn Rights Issue opens for subscription

cover, Financial Markets

Access Holdings Plc (‘the Group’), one of Africa’s leading financial services groups, has announced the commencement of its N351 billion Rights Issue (‘the Offer’).

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.

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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: 1. www.theaccesscorporation.com 2. www.chapelhilldenham.com, 3. www.coronationmb.com, 4. 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..