Access Holding Plc has gotten an approval for the commencement of its ₦351 billion right issue capital raising programme.
The approval was made by the Securities and Exchange Commission (SEC) and was confirmed by the Access on Sunday in Lagos.
The rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs.
The group said that the approval marked a significant milestone which is aimed to generate up to $1.5 billion.
Access Holding said in its previously announced capital raising programme that the approval serves as a significant milestone to the company.
It was also stated that the aim of the right issue is to raise $1.5 billion.
“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 ₦19.75 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 Right issue offer will open on July 8 and close on Aug. 14.
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