The Securities and Exchange Commission (SEC) has approved an extension of Access Holdings Plc’s ongoing ₦351 billion rights issue to August 23, 2024. Originally scheduled to close earlier, the extension was granted in response to the widespread hunger protests across Nigeria, which have disrupted business operations and limited shareholder participation.
Access Holdings had offered 17.772 billion ordinary shares at ₦19.75 each, on the basis of one new share for every two held as of June 7, 2024. The company’s statement, signed by Group Company Secretary Sunday Ekwochi, emphasized that the extension aims to give shareholders ample opportunity to subscribe to their rights despite the challenges posed by the protests.
During this extended period, dealings by company insiders will remain restricted to participation in the rights issue, in accordance with regulations governing the non-dealing period related to the company’s audited interim financial statements for the period ended June 30, 2024.
Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, noted that the rights issue is a crucial part of the group’s strategy to bolster its financial strength and pursue its growth ambitions. Agbede expressed confidence that this capital raise would help propel Access Holdings toward its goal of becoming one of Africa’s top five financial institutions by 2027.
