US$1.5 Billion Capital Raising Program Announced By Access Holdings

One of the top financial organizations in Africa, Access Holdings Plc, has announced plans to launch a capital raising program with a maximum value of US$1,500,000,000.00 (one billion, five hundred million US dollars) or its equivalent (the “Program”). Through the issuance of various financial instruments, including bonds, preference shares, convertible and/or non-convertible debt, ordinary shares, and Alternative Tier 1 capital, the Program seeks to strengthen the Group's financial position.

A range of techniques, such as rights issues, book building procedures, private placements, public offerings, and a combination of these, may be used to carry out the Programme. 

The Board of Directors will decide the details of the tranches, series, proportions, dates, pricing, tenor, and any other associated terms and conditions, subject to obtaining the required regulatory approvals.

The Group hopes to raise up to N365,000,000,000.00 (three hundred and sixty-five billion naira) through the Program, primarily through the rights issue of common shares. The planned rights issue's proceeds would be utilized to fund the company's continuing working capital requirements, including organic growth financing for its banking and non-banking businesses. 

The Group's Notice of the 2nd Annual General Meeting held on April 19, 2024, which was posted on the Nigerian Exchange portal on March 27, 2024, revealed the plans for the Program.

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