By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Africa’s top tier lender, Access Bank Plc said on Wednesday the Securities and Exchange Commission (SEC) has approved the extension of its N52.6 billion rights issue for two (2) weeks to March 18, the bank said in a statement.
Access Bank on January 26 opened its N52.6 billion ($275.10 million) rights issue at N6.90 per share and offered to sell 7.63 billion ordinary shares of 50 kobo each at a ratio of one new share for every three held by existing shareholders.
The lender said the issue was extended by two (2) weeks to give shareholders who are yet to take up their rights more time to do so considering the prevailing economic and political situation.
Herbert Wigwe, group managing director (GMD) of the bank who commented on the extension, said shareholders of the bank should take advantage of this extension to fully exercise their rights.
“We are going to give good returns on investment as our target is to be among top three banks in 2017,” Wigwe said.
According to him, the bank was already talking to institutional investors, high net-worth investors and individuals, particularly investors who understand the value of long term investments with regard to the issue.
The Africa’s top tier lender said the capital raising falls in line with its five-year corporate strategy plan to be one of the top three banks in the country and the “world’s most respected African bank”.
“This will be anchored on four (4) critical pillars – capital, human capital, governance and risk management. It will also enable the bank to be more competitive and meet the funding needs of its blue chip customers that meet its credit risk criteria,” the bank added.
As at Wednesday, share price of the lender climbed up slightly 0.01 percent to N6.50 from N6.49 at the end of trading on the floor of the Nigerian bourse.
The shares of Access Bank has continued to soar high on the floor of the Nigerian Stock Exchange (NSE) amidst its ongoing rights issue which was scheduled to close Wednesday March 04, 2015; but has now been extended to Wednesday March 18, 2015.
