Shareholders of Access Bank Plc yesterday approved a Holding company structure (Holdco) for the bank. The shareholders at the court order meeting in Lagos noted that for the financial institution to become Access Holdco, it poise to bring expansion and growth in shareholders returns.
At the court order meeting, the shareholders gave approval to the company for the transfer of the 35,545,225,622 ordinary share of 50kobo each in the issued and paid-up share capital of the bank held by them to Access Holdco Plc.
Each shareholders of the Bank will receive one (1) ordinary share of 50 kobo each in the Holdco, which will be credited as fully paid, in exchange for every 1 ordinary share of 50kobo each held in the bank as at the terminal date.
The National President, Association for Advancement Rights Nigerian Shareholders, Dr Faruk Umar expressed excitement that the bank aims to diversify into a permissible business that is expected to boost profitability.
According to him: “I believe after converting into Holdco, the share price of Access will increase. We (shareholders) commend the foresight of the board for the acquisition so far and it has proven to be profitable to the bank. We are happy with the quality of directors and board. We believe with the Holdco structure, we are going to move forward.”
