The Securities and Exchange Commission (SEC) has granted Access Holdings Plc a 10-day extension on its N351 billion rights issue.

The Company Secretary, Access Holdings, Mr. Sunday Ekwochi in a signed statement, on Tuesday revealed that the period of the acceptance list for its rights issues that opened on July, 8 2024, to close on August 14, 2024, was extended to August 23, 2024, following the approval of the Commission.

The pan-African financial institution is seeking existing shareholders support to raise 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share through a rights issue offers

The offer would be issued on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.

This marked a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to generate up to $1.5 billion.

According to Ekwochi, the decision to extend the offer was in response to recent nationwide protests that disrupted operations of businesses and individuals across Nigeria and to provide shareholders with ample opportunity to subscribe to their rights.

“During the extended period of the issue, dealing by the company’s insides on 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,” the statement added.

At a recent signing ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings, Bolaji Agbede in a statement had disclosed that, “The rights issue is a significant step in delivering our 2023-2027 strategic plan. The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.”

The stock price of Access Holdings closed August 13, 2024 at N19.30 per share.