Access Holdings Plc, the parent company of Access Bank, has announced an extension to the period for its ongoing rights issue.
Initially set to close on August 14, the acceptance period will now remain open until August 23.
The company said the extension followed the approval of the Securities & Exchange Commission (SEC) and was in response to the recent nationwide protests that disrupted business operations across Nigeria.
The extension is intended to give shareholders additional time to subscribe to their rights.
Access Holdings Plc launched the rights issue on July 8, 2024, as part of a strategy to recapitalize and meet the Central Bank of Nigeria’s (CBN) new capital requirements for banks.
Under the guideline, first-tier lenders must have a new minimum capital base requirement of N500 billion for first-tier lenders.
Access Holdings aims to raise up to $1.5 billion through a combination of equity, quasi-equity, and debt issuances. The capital raise is aimed at strengthening the bank’s capital base, enabling it to pursue expansion and capitalize on emerging opportunities within the financial sector.
The offering includes 17.8 billion ordinary shares of N0.50 each, priced at N19.75 per share, with a subscription ratio of one new share for every two ordinary shares held as of June 7.
Shareholders will receive the rights circular and application forms through the offer’s registrars, Atlas Registrars Limited, with additional resources available on the websites of Access Holdings and its financial advisers.
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