The Securities and Exchange Commission has approved the extension of Access Holdings Plc’s N351 billion rights issue to August 23, due to the recent nationwide protests that disrupted business operations.
The extension provides shareholders with ample opportunity to subscribe to their rights, according to a statement signed by Group Company Secretary Sunday Ekwochi. The rights issue, which commenced earlier, offers 17.772 billion ordinary shares at N19.75 each.
Acting Group Chief Executive Officer Bolaji Agbede stated that the offer for subscription will expand the group’s growth strategies and financial strength. “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.”
During the extended period, dealings by the company’s insiders on the company’s shares will continue to be strictly limited to participation in the Rights Issue, as earlier approved by the Exchange.
Agbede emphasized that the execution is more than a capital raise; it is a pivotal process that will propel the company towards its goal of becoming one of the top 5 financial institutions in Africa by 2027.
