N53bn Rights Issue of Access Bank has be extended, Two Weeks

Kindly Share This Story:

the Group Managing Director of Access Bank, Herbert Wigwe

From Benjamin a ameh, Lagos

Access Bank Plc has extended its Rights Issue by two weeks to March 18, following an approval the bank received from the Securities and Exchange Commission (SEC).

The Rights Issue of 7.627 billion ordinary shares of 50 kobo each at N6.90 which opened on January 26, and expected to close yesterday has be extended by two weeks.  The extension, according to Access Bank, is due to the need to give shareholders, who are yet to take up their rights   more time to do so considering the prevailing economic and political situation.

Management of the bank embarked on the capital-raising via the right issue valued N52.6 billion.  The proceeds of the issue will be used to boost the bank’s working capital, enhance its information technology and expand branch network, which is expected to ultimately lead to improved performance and good returns to the investors.

On the two weeks extension, the Group Managing Director of Access Bank, Herbert Wigwe, further encouraged shareholders in the bank to take advantage of this extension to exercise their rights, as he re-assuring them of quality return on their money.

The reports quoted managing director said “We are going to give good returns on investment as our target is to be among top three banks in 2017.”

Wigwe said, disclosing that 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 present issue.


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: