The Securities and Exchange Commission (SEC) has granted an extension to Access Holdings’ N351 billion capital raise, pushing the deadline from August 14 to August 23. This decision was announced by Access Holdings’ secretary, Sunday Ekwochi, in a statement released on Wednesday.
The company cited recent nationwide protests that disrupted business operations across Nigeria as the reason for the extension. This additional time will allow shareholders to subscribe to their rights with ease.
During this extended period, Access Holdings’ insiders will be limited to participating in the rights issue, as approved by the Nigerian Exchange Limited. The SEC initially approved the company’s N351 billion rights issue capital raising program on July 7.
Access Holdings aims to generate up to $1.5 billion through this program, with plans to utilize the funds to support banking and fintech businesses, as stated by Chairman Aigboje Aig-Imoukhuede on July 3.
