Access Holdings Plc, one of Africa’s leading financial services groups, has announced the commencement of its N351 billion Rights Issue. This initiative, part of the Group’s broader capital-raising programme aiming to generate up to $1.5 billion, is designed to bolster its financial foundation and support ongoing working capital needs, including funding for organic growth across its banking and non-banking subsidiaries.
Bolaji Agbede, Acting Group CEO of Access Holdings Plc, emphasized the strategic importance of this move: “The commencement of the Rights Issue subscription is a crucial step in our growth strategy and capital-raising plans. It reinforces our financial strength and accelerates our strategic ambitions. This process is pivotal in propelling us towards our goal of becoming one of the top five 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.”
The Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share, on the basis of one new ordinary share for every two existing shares held as of June 7, 2024. Chapel Hill Denham Advisory Limited is the lead issuing house, with Atlas Registrars Limited serving as the registrars.
The Rights Circular will be distributed to shareholders by the Registrars, and application forms will be available on the Group’s websites.
Access Holdings operates in 22 countries globally, including 15 in Africa, and has built a reputation as a trusted performer over the past 20 years. For the year ending December 31, 2023, the Group reported a 335% increase in pre-tax profit to N729 billion and an 87% surge in gross earnings to N2.59 trillion. Shareholders received a final dividend of N1.80 per N0.50 ordinary share for 2023, marking a 28% increase from the previous year.
