ABC Transport and AXA Mansard announce capital raising plans

ABC Transport Plc has received board approval to raise N6.5 billion through a combination of a rights issue and bond issuance. The company disclosed this proposal in a notice to the Nigerian Exchange Limited, noting that the plan is subject to shareholder approval at an upcoming Annual General Meeting. While the board has approved the mix of equity and debt financing, specific details regarding the division of funds, offer price, and interest rates have not yet been disclosed.

Separately, AXA Mansard Insurance Plc is proceeding with a planned N18.3 billion rights issue. Following shareholder approval at its 34th Annual General Meeting, the insurer intends to issue new ordinary shares to existing shareholders. The company has also authorized the board to offer any untaken rights shares to other interested investors to ensure the completion of the capital raise. The final terms, including the number of shares and offer price, remain to be determined.