Shareholders will this week reset the tempo for the banking sector’s recapitalisation in the first of the meeting to be held since the announcement of the recapitalisation programme. With the audited reports and accounts and resolutions on the new capital raising side by side, shareholders of Access Holdings Plc will be reviewing both the present and the future, a theme that will run through the ambitious recapitalisation programme.
The Association of Corporate & Marketing Communication Professionals of Banks – the umbrella body for spokespersons for banks – which is regarded as the voice of the industry – captured the mood of the recapitalisation in banks’ early response of supports for the exercise. “With their background of good returns and liquidity, banking stocks are toasts of domestic and foreign investors. This pedigree, coupled with resilient performance of banks despite economic challenges, will come to the fore as investors know the recapitalisation means stronger banks and better returns,” ACAMB stated.The meeting this week of shareholders of Access Holdings will set the tempo of optimism captured in banks’ early response to the exercise.
As part of the capital raising, any shares not taken by shareholders within the period stipulated under the rights issue may be offered for sale to other interested shareholders of the company on such terms and conditions as may be determined by the directors subject to the approvals of the relevant regulatory authorities.
Stanbic Nominees Nigeria holds 10.46 per cent equity stake as custodial services to sundry investors. Coronation Trustees Tengen Mauritius holds 7.11 per cent. The latest audit showed that domestic retail investors hold 29.4 per cent while domestic institutional investors hold 57 per cent. Foreign institutional and retail investors hold 13.2 per cent and 0.22 per cent respectively. Government-related entities hold a fraction of 0.2 per cent.
The company’s balance sheet also showed double-digit growths across key parameters. Total assets rose by 77.9 per cent from N14.998 trillion in 2022 to N26.689 trillion in 2023. Total deposits had grown by 75.5 per cent from N11.26 trillion to N19.76 trillion. Analysts at FSDH Capital described the results as “solid performance”, noting that investors’ reaction had been positive. FSDH Capital outlined a string of recent expansionary drives by Access Holdings, which are expected to further strengthen the group’s performance.
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