Access Holdings Seeks Approval to Raise N40 Billion via Private Placement With Shares Offered at N20.25

Access Holdings a tier-one Nigeria lender has scheduled an Extraordinary General Meeting  (EGM) to fast-track a N40 Billion foreign currency denominated Private Placement.

Access in a notice to the NGX said the new ordinary shares created in connection with the private placement, will be offered at a  price of N20.25 (Twenty Naira, Twenty Five Kobo) (or as otherwise determined by the Board), to one or more investors in such tranches and on such terms and conditions as shall be determined by the Board.

The issued share capital of the Company is also to be increased to N27,646,573,537 (Twenty Seven Billion, Six Hundred and Forty Six Million, Five Hundred and Seventy Three Thousand, Five Hundred and Thirty Seven Naira) divided into 55,293,147,074 (Fifty Five Billion, Two Hundred and Ninety Three Million, One Hundred and Forty Seven Thousand, Seventy Four) ordinary shares of N0.50 (Fifty Kobo) each by the creation and addition of 1,975,308,641 (One Billion, Nine Hundred and Seventy Five Million, Three Hundred and Eight Thousand, Six Hundred and Forty One) ordinary shares of N0.50 (Fifty Kobo) each ranking pari-passu with the existing ordinary shares of the Company.

The Board of Directors is authorised to consider, negotiate, approve, and finalise the list of potential private placement investors; determine the structure, valuation, modalities, and timeline for the private placement.

Access Holdings is Nigeria’s largest bank by assets.

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