- Access Bank Plc says it has secured the approval of the Securities and Exchange Commission to continue with its plans to raise N52.6bn via a rights issue.
- Access Bank plans to sell 7.628 million shares of 50 kobo each at N6.90 to existing shareholders.
- Access Bank originally planned to commence it rights issue at a price of N8.9 which at the time was unrealistic considering its market price of under N7
- Access Bank closed at N5.23 as at Monday 26th January
- According to the bank, the share sale is aimed at supporting its expansion drive and efforts to increase its cash reserves.
- The bank’s shareholders had approved the proposal of its Board of Directors to raise additional equity at an Extra-Ordinary Meeting held in Lagos on October 13, 2014
- The bank said the Acceptance List Opens for the rights issue opened on Monday and would close on Wednesday, March 4, 2015, adding that the rights being offered were tradable on the floor of The Nigerian Stock Exchange for the duration of the issue.
- The Group Managing Director and Chief Executive Officer, Access Bank Plc, Mr. Herbert Wigwe, was quoted as saying that the proceeds from the offer would be used to upgrade the bank’s information technology platforms to enable it provide better services, upgrade the bank’s branch networks and further improve the working environment.
- In June last year, Access Bank Plc successfully inaugurated $400m Eurobond, a transaction that followed its highly successful $350m five-year senior debt issued in 2012. The bank is rated B by Fitch and A+ Agusto & Co.
Official: Access Bank Rights Issue Commence January 26th @ N6.9
