The Securities and Exchange Commission (SEC) has approved the commencement of the N351 billion rights issue capital raising programme of Access Holdings Plc.

A statement Access on Sunday confirmed this.

The group said the approval marked a milestone in its previously announced capital raising programme, which aimed to generate up to $1.5 billion.

It also mentioned that the rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs.

According to the holdings, the programme will also provide funding for organic growth across its banking and non-banking subsidiaries.

“The approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of 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 June 7, 2024,” it said.

The lead issuing house for Access Holdings’ rights issue is Chapel Hill Denham Advisory Ltd., while Atlas Registrars Ltd. will serve as the registrars to the offer. 

The offer will open on July 8 and close on August 14.

It noted that the rights circular would be distributed to shareholders by Atlas Registrars Ltd., and application forms would also be available on its various websites.

The holding company advised its shareholders to contact their stockbrokers for more details about the offer.

Access explained that it remained committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.

It noted that the successful execution of the rights issue would further solidify the group’s position as a leading financial services provider in Africa and beyond.

(NAN)