Article Summary
- The acquisition of 220 million shares represents 0.62% of the company’s total outstanding shares of the company. Wigwe’s indirect holdings now stand at 1,774,369,017 units of shares from 1,554,369,017 as of December 31, 2022, while his direct holdings remained at 201,231,713 units of shares.
- Access Holdings closed its last trading day (Friday, May 12, 2023) at N9.90 per share on the Nigerian Stock Exchange (NGX), recording a 2.9% drop from its previous closing price of N10.20.
Tengen Holdings (Mauritius) Limited, a company related to the Group Chief Executive of Access Holdings Plc, Dr. Herbert Wigwe has acquired additional 220 million shares worth N2.4 billion in the company.
This is contained in a notice of share dealing by an insider to the Nigerian Exchange Limited obtained by Nairametrics.
The acquisition of 220 million shares represents 0.62% of the company’s total outstanding shares of the company.
With the acquisition, Tengen Holdings has increased its number of shares from 432,577,819 units of shares as of December 31, 2022, to N652,577819 units.
Consequently, Wigwe’s indirect holdings now stand at 1,774,369,017 units of shares from 1,554,369,017 as of December 31, 2022, while his direct holdings remained at 201,231,713 units of shares.
The notice signed by that Company’s Secretary, Sunday Ekwochi, indicates that Tengen Holdings on May 8th, 2023 purchased 70,000,000 units of Access Holdings Plc at N11.55 per share, valued at N808.5 million.
Also, on 10th May 2023, the company purchased 75,000,000 units of the company’s shares at N10.6 worth N795 million. Additionally, on a separate deal on the 10th of May 2023, the company also bought shares 75,000,000 units of shares at N10.06 per share, valued at N795 million. This brings the total value of shares purchased to N2.4 billion.
According to details of the transactions made available by NGX Limited, Wigwe owns the investment as an indirect shareholding through Tengen Holding (Mauritius) Limited.
Wigwe, who is the bank’s single largest shareholder, now accounts for about 5.56% of its total shareholding structure. With the latest acquisition, he seeks to further consolidate his position as the biggest shareholder of the bank.
Access Holdings closed its last trading day (Friday, May 12, 2023) at N9.90 per share on the Nigerian Stock Exchange (NGX), recording a 2.9% drop from its previous closing price of N10.20. Access began the year with a share price of 8.50 NGN and has since gained 16.5% on that price valuation.
What you should know
Access Bank Plc, the flagship company of Access Holdings Plc, has officially launched its subsidiary in Paris, France.
This was contained in the company’s statement obtained by Nairametrics.
According to the group, the bank’s operations will focus on trade finance, initially capitalizing on flows between Africa and France, particularly Francophone Africa.
Group Chief Executive Officer of Access Holdings PLC, Herbert Wigwe, while speaking on the purpose of the bank’s strategic expansion efforts, said:
- “Access Bank Plc, today, has a very strong presence in the United Kingdom, but coming on the heels of Brexit, there was a need for us to establish a presence in another country in Europe, and France provides a very strong platform for us to do so. Beyond that, Access Bank has a great presence in the Francophone world, which relies significantly—in terms of trade – on France, so, Access Bank in Paris will work to support trade possibilities and trade finance solutions for businesses in those regions, ranging from large conglomerates to SMEs and more.
- “Our range of banking products and services will be a valuable asset for businesses looking to trade internationally, while our corporate and investment banking services will help businesses access capital, manage their cash flow, and mitigate risk. Furthermore, we are confident that the bank’s trade finance solutions will help businesses navigate the complexities of cross-border trade, and at the same time, our digital capabilities will make banking more convenient and efficient for all our customers,” he reiterated.
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