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Home Brands & Marketing

Access Holdings Announces US$1.5 Billion Capital Raising Programme

Targets N365 billion by way of a Rights Issue as subset of Programme

by NewsOnline Nigeria
March 29, 2024
in Brands & Marketing, Top Stories
0
Access Bank

Access Bank

Access Holdings has announced a US$1.5 billion capital raising programme.

 

NewsOnline Nigeria reports that Access Holdings Plc, one of Africa’s leading financial groups, has unveiled plans to establish a Capital Raising Programme of up to US$1,500,000,000.00 (One Billion, Five Hundred Million United States Dollars) or its equivalent (‘the Programme’). The Programme aims to enhance the Group’s financial strength through the issuance of various financial instruments such as ordinary shares, preference shares, Alternative Tier 1 capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments.

 

ALSO: Access Holdings Plc Reports Strong FY2023 Financial Performance, Grows PBT by 335%, Earnings to N2.59 Trillion

 

This Nigeria news platform understands that the programme may be executed through a variety of methods including public offerings, private placements, rights issues, book-building processes, or a combination thereof. The specifics regarding the tranches, series, proportions, dates, pricing, tenor, and other terms and conditions that may be associated, will be determined by the Board of Directors, contingent upon securing the necessary regulatory approvals.

 

Drawing from the Programme, the Group expects to raise up to N365,000,000,000.00 (Three Hundred and Sixty-Five Billion Naira) specifically via a Rights Issue of ordinary shares. The proceeds of the proposed Rights Issue would be used to support ongoing working capital needs including organic growth funding for its banking and other non-banking subsidiaries.

 

The plans for the Programme were disclosed in the Group’s Notice of the 2nd Annual General Meeting holding on April 19, 2024, which was published on the Nigerian Exchange portal on March 27, 2024.

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