Business NSE Freezes Access Bank Share Price



The Nigerian Stock Exchange has frozen the price of shares in Access Bank pending the results of a shareholder vote on the lender's planned 68 billion naira ($415 million) share sale, the bourse said on Monday.

According to Reuters Access Bank had been meeting domestic investors since the beginning of the month to gauge interest in a possible rights issue by the fourth quarter of this year.

Shares in Access Bank, down 0.1 percent so far this year, were frozen at 9.59 naira, meaning investors can only buy or sell at that price.

The bourse said Access Bank had requested the price freeze ahead of a shareholder vote on Oct. 15 over the proposed share sale. The restriction will be lifted on Oct. 16, it added.

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