Access Bank put offer price at N14.90
June 6th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Clear facts have indicated that Access Bank Plc plans to raise about N70.343bn from the capital market through public offering of 4.721billion ordinary shares of 50 kobo at N14.90 per share.
The bank in May applied and received the approval of the Nigerian Stock Exchange for the offer. The offer is coming at a discounted value of N4.42, as the stock of the bank is under technical suspension at a price of N19.32.
The Group Managing Director of the bank, Mr. Aigboje Aig – Imoukhuede, said the offer proceeds will be used to finance business growth and branch expansion locally and offshore; boost the capital base of the bank. He added that the bank would invest heavily in information technology and increase its working capital in order to position it for the emerging opportunities in the global financial space.
The bank opened this year at N7.00 and has appreciated by over 160% this year.The bank also has alliances with international financial institutions, which in turn have contributed to the profitability of the bank. The banks retail banking product tagged “EMPOWER” has also helped the bank in reaching out to a wider coverage of customers.
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