The board of Access Holdings Plc has announced a delay in the release of its Half-Year (HY) financial results due to an ongoing audit of its subsidiaries.
This was disclosed in the company’s statement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.
Reasons for the delay
According to the statement signed by the Company Secretary, Sunday Ekwochi, the delay in the publication of the Audited Interim Financial Statements for the Half Year ended June 30, 2023, is due to the completion of audit activities of the newly acquired sub-subsidiaries of the banking group.
Here’s what the statement reads:
- Access Holdings Plc (the Company) wishes to notify the investing public and the Nigerian Exchange Limited (‘NGX”) of a potential delay in the publication of the Company’s Audited Interim Financial Statements for the Half Year ended June 30, 2023 (the Results’).
- This is engendered by the complexity of the post-completion audit activities of the newly acquired sub-subsidiaries of the banking group.
- Given the foregoing, NGX has approved an extension of time to file the Results on or before September 15, 2023, subject to the Central Bank of Nigeria’s approval of the Results.
- The Company’s insiders are hereby reminded that the earlier declared closed period in respect of transactions on its securities remains in place until 24 hours after the release of the Results.
Details on new subsidiaries
In mid-July, Nairametrics reported that Access Holdings completed its acquisition of a majority stake in Finibanco Angola after receiving necessary regulatory approvals from CBN and Angola’s apex bank.
- The group noted that the bank had signed necessary agreements with minority shareholders of Finibanco Angola S.A. who expressed interest in selling their shares.
- With the completion of the acquisition, Access Holdings now own more than 51% stake in Finibanco Angola S.A.
Also, Access Bank Plc (flagship subsidiary of Access Holdings) reached an agreement to acquire the sub-saharan subsidiaries of Standard Chartered Bank.
- In the acquisition deal, Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania.
