Access Holdings Plc has received approval from the Securities and Exchange Commission (SEC) to start its N351 billion rights issue capital raising program.
According to a report by Punch, this important approval was confirmed by the company in a statement released to journalists in Lagos on Sunday.
The move is part of a larger plan to raise up to $1.5 billion, as previously announced by the group.
The rights issue is designed to strengthen Access Holdings' financial foundation and support its ongoing working capital requirements.
Additionally, the funds will help in promoting organic growth across both its banking and non-banking divisions.
Under this approved plan, Access Holdings will offer 17,772,612,811 ordinary shares priced at N19.75 per share, each with a nominal value of N0.50.
Shareholders will have the opportunity to buy one new share for every two shares they already own as of June 7, 2024.
The capital raising initiative will be managed by Chapel Hill Denham Advisory Ltd. as the lead issuing house, with Atlas Registrars Ltd. handling the registration of the offer.