A Federal High Court has granted an approval to the proposed scheme of Arrangements between Access Bank Plc (NGX: ACCESS) and the holders of its fully paid ordinary shares of 50 Kobo each.
The Shareholders of Access Bank Plc had a court ordered meeting on 16 December 2021 passed a resolution to transfer all 35,545,225,622 ordinary shares of the bank to Access Holdings Plc.
Subsequent to the passed resolution, the bank notified the Nigerian Exchange and the Investing public that it had applied for court sanction in respect of the Transaction and same has been granted by the Federal High Court.
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Investogist reported in September 2021, that Access Bank Plc had received the approval of the Central Bank of Nigeria to restructure the bank to a holding company (“HoldCo”).
At the completion of the share transfer, shares of ACCESS will seize to exist and will be replaced by that of Access Holding Company.
Guaranty Trust Bank Plc recently completed the same process, resulting in the delisting of the shares of Guaranty Trust Bank Plc and replacing it with that of Guaranty Trust Holding Company Plc.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
