Access Holdings commences N351bn Rights Issues subscription

Access Holdings Plc, one of Africa’s leading   financial   services   groups, has   announced   the   commencement   of   its   N351 billion Rights Issue.

A subset of the Group’s Capital Raising Programme aiming to generate up to $1.5 billion, the Rights Issue is designed   to   strengthen   the   Group’s   financial   footing   and   support   ongoing   working capital   needs, including   organic   growth   funding   for   its   banking   and   non-banking subsidiaries.

Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede said “The commencement   of   the   Rights   Issue   subscription   is   an   important   step   in   our growth strategy and capital raising plans, reinforcing our   financial   strength   and accelerating our strategic ambitions. However, this execution is more than a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top 5 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.

“Access Holdings’ 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 (1) new ordinary share for every two (2) existing ordinary shares held as of Friday, 7 June 2024.The lead issuing house for the Rights Issue is Chapel Hill Denham Advisory Limited. Atlas Registrars Limited will serve as Registrars to the Offer. The Rights Circular will be distributed to shareholders by the Registrars to the Offer, while the application forms will also be available on the various platform.

The company is now operational in 22 countries across the globe, with 15 in Africa Access Holdings has established itself as one of the continent’s most trusted performers over the last 20 years.

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