Access Bank Plc has extended its Rights Issue by two weeks to March 18, following an approval the bank received from the Securities and Exchange Commission (SEC).
Access Bank Plc’s Rights Issue of 7.627 billion ordinary shares of 50 kobo each at N6.90 had opened on January 26, and was expected to close yesterday. However, the bank said the issue had been extended by two weeks. The extension, according to Access Bank, is due to the need to give shareholders, who are yet to take up their rights more time to do so considering the prevailing economic and political situation.
Access Bank embarked on the capital raising via the right issue to raise N52.6 billion. The proceeds of the issue will be used to boost the bank’s working capital, enhance its information technology and expand branch network, which is expected to ultimately lead to improved performance and returns to investors.
Commenting on the extension, the Group Managing Director of Access Bank, Mr. Herbert Wigwe, urged shareholders of the bank to take advantage of this extension in date to fully exercise their rights, assuring them of quality return on theirinvestments.
“We are going to give good returns on investmentas our target is to be among top three banks in 2017,” Wigwe said, disclosing that the bank was already talking to institutional investors, high net-worth investors and individuals, particularly investors who understand the value of long term investments with regard to the issue.