Access Holdings gets approval from shareholders to raise $1.5bn capital

The shareholders of Access Holdings Plc at the recent Annual General Meeting (AGM) held unanimously backed the group’s plan to establish a capital raising programme of up to $1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.