• Saturday, February 24, 2024
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BusinessDay

Access Bank plans shareholder vote October 13 on rights issue

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Access Bank said on Tuesday it would seek approval from shareholders on October 13 to raise N68 billion ($415.3 million) via a rights issue to support its lending business.

The top-tier lender plans to issue 7.64 billion shares at 8.90 naira each to existing shareholders.

Shares in Access Bank, down 0.1 percent so far this year, have been frozen at 9.59 naira pending the results of the shareholder vote, meaning investors can buy or sell only at that price on the stock market.