Access Holdings Plc has unveiled plans to establish a capital-raising programme of up to $1.5 billion.

Access Holdings disclosed this in a statement on Friday.

Drawing from the programme, the organisation is expected to raise up to N365 billion, specifically via the rights issue of ordinary shares.

It said the proposed rights issue proceeds would be used to support ongoing working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

“The programme aims to enhance the Group’s financial strength through the issuance of various financial instruments such as ordinary shares and preference shares.

“Also, alternative Tier-one capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments. The programme may be executed through a variety of methods, including public offerings, private placements, rights issues, book-building processes, or a combination thereof,” it said.

According to the corporation, the board of directors will determine the specifics regarding the tranches, series, proportions, dates, pricing, tenor, and other terms and conditions that may be associated.

The corporation said this is contingent upon securing the necessary regulatory approvals.

Access Holdings is a multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. 

(NAN)