By Adedapo Adesanya
Access Holdings Plc has extended the deadline for its N351 billion raise in line with the Central Bank of Nigeria (CBN) recapitalisation exercise to August 23.
The parent company of Access Bank is offering 17.7 billion new ordinary shares at N19.75 each and will use the funds to further its nationwide and global expansion plans.
It will invest 65 per cent of the raised capital to grow its loan book, spend 20 per cent to upgrade its infrastructure and the remaining 20 per cent will be used to set up new branches across the country.
The lender wrote to the regulatory authority, the Securities and Exchange Commission (SEC) seeking an extension due to the recent nationwide protests.
It extended the deadline for its public offer from August 14 to August 23 after securing approval from the Securities and Exchange Commission (SEC), according to a regulatory filing on Tuesday.
According to the notice, the extension will provide shareholders with ample opportunity to subscribe to their rights.
“During the extended period of the Issue, dealings by the Company’s insiders on the Company’s shares will continue to be strictly limited to participation in the Rights Issue as earlier approved by the Exchange in respect of the Non-Dealing Period on the Company’s Audited Interim Financial Statements for the Period Ended June 30, 2024, until 24 hours after the publication of the Interim Financial Statements,” it added.
Business Post reports that Fidelity Bank and GTCO closed their respective public offers on Monday (August 12.)
As for Zenith Bank, it kicked off its combined offer to raise N290 billion in line with new capital requirements on Monday.
Recall that in March, the CBN announced revised minimum capital requirements for Nigerian banks and for lenders like Access Bank, Fidelity, GTCO, and Zenith Bank with international presence, it has to recapitalise to N500 billion.