Access Holdings’ N351bn Rights Issue opens for subscription

Access Holdings Plc (“the Group”), a prominent financial services group in Africa, has announced the launch of its N351 billion Rights Issue (“the Offer”).

Part of the Group’s Capital Raising Programme, which aims to generate up to US$1.5 billion, the Rights Issue is intended to bolster the Group’s financial stability and support ongoing working capital needs, including funding for organic growth in its banking and non-banking subsidiaries.

Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, remarked, “The commencement of the Rights Issue subscription is a crucial step in our growth strategy and capital raising plans. This not only reinforces our financial strength but also accelerates our strategic ambitions. This exercise is more than just a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top five financial institutions in Africa by 2027. We are confident that this initiative will cement our position as a market leader and drive sustainable growth for years to come.”

The 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 new ordinary share for every two existing ordinary shares held as of Friday, 7 June 2024.

Chapel Hill Denham Advisory Limited is the lead issuing house for the Rights Issue, and Atlas Registrars Limited will serve as the Registrars. Shareholders will receive the Rights Circular from the Registrars, and application forms will be available on the following websites: www.theaccesscorporation.com, www.chapelhilldenham.com, www.coronationmb.com, and www.atlasregistrars.com.

Operating in 22 countries worldwide, with 15 in Africa, Access Holdings has established itself as a trusted performer over the last 20 years.

The Group reported strong financial results for the year ending December 31, 2023, with a 335% increase in pre-tax profit to N729 billion and an 87% rise in gross earnings to N2.59 trillion. A final dividend of N1.80 kobo per N0.50 kobo ordinary share for the 2023 financial year was paid to shareholders, representing a 28% increase from the previous year.