By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Access Bank Plc on Tuesday said it has filed for regulatory approval to enable it raise 68 billion naira via a rights issue.

The Nigeria’s tier one lender said it’s expecting a go ahead from the Securities and Exchange Commission (SEC) in mid-November and expects to conclude the rights issue by the end of December this year Reuters said quoting a draft offer timetable it saw.

This is coming on the heels of shareholders approval on Monday at an extraordinary general meeting (EGM) held in Lagos Nigeria.

Sunny Nwosu, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN) and the bank’s shareholder while commending the lender for its laudable efforts to increase shareholder’s value said the proactive nature of the Access Bank is commendable. “The shareholders are appreciative of the foresight with which the Bank conducts its dealings and are ready to take up their rights in full,” he said.

The lender at the EGM said it will issue 7.640 million ordinary shares of 50 kobo each at N8.90 kobo per share.

Access Bank had maintained the rights will be on the basis of one (1) ordinary share for every three (3) fully paid ordinary shares held by shareholders of the bank.

The bank had said that proceeds from the share sales will be used for expansion purposes.

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Access Bank Plc on Tuesday said it has filed for regulatory approval to enable it raise 68 billion naira via a rights issue.

The Nigeria’s tier one lender said it’s expecting a go ahead from the Securities and Exchange Commission (SEC) in mid-November and expects to conclude the rights issue by the end of December this year Reuters said quoting a draft offer timetable it saw.

This is coming on the heels of shareholders approval on Monday at an extraordinary general meeting (EGM) held in Lagos Nigeria.

Sunny Nwosu, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN) and the bank’s shareholder while commending the lender for its laudable efforts to increase shareholder’s value said the proactive nature of the Access Bank is commendable. “The shareholders are appreciative of the foresight with which the Bank conducts its dealings and are ready to take up their rights in full,” he said.

The lender at the EGM said it will issue 7.640 million ordinary shares of 50 kobo each at N8.90 kobo per share.

Access Bank had maintained the rights will be on the basis of one (1) ordinary share for every three (3) fully paid ordinary shares held by shareholders of the bank.

The bank had said that proceeds from the share sales will be used for expansion purposes.