ABC Transport Plc is seeking to strengthen its capital base with plans to raise an additional N6.5bn through a combination of a rights issue and bond issuance, subject to shareholders’ approval at its next Annual General Meeting (AGM).
The proposed fundraising was disclosed in a notice filed with the Nigerian Exchange Limited (NGX) and the investing public following a board meeting held on October 17, 2026.
According to the notice signed by the Company Secretary, Onwe C. Chigbo, the board considered and approved the capital-raising proposal as part of the company’s plans to secure additional funding.
However, the company did not specify how much of the proposed N6.5bn would be sourced through the rights issue or the bond issuance, leaving the structure of the fundraising yet to be disclosed.
A rights issue enables a company to raise equity capital by offering new shares to existing shareholders, usually in proportion to their current shareholdings. Bond issuance, by contrast, allows a company to borrow from investors, with repayment and interest obligations determined by the terms of the debt instrument.
The proposed combination of equity and debt financing would provide ABC Transport with additional funding capacity, although the company did not state the specific projects, operational needs or investment plans for which the proceeds would be deployed.
The fundraising proposal will require shareholders’ approval at the company’s forthcoming AGM before it can proceed, in line with the applicable approval process.
Meanwhile, the transport company disclosed that its closed period, which restricts directors and other insiders from trading in its securities, would remain in force.
The restriction is expected to end 24 hours after the publication of the company’s unaudited financial statements for the third quarter ended September 30, 2026, to the NGX and the investing public.
The notice, dated October 21, 2026, was issued from the company’s headquarters in Owerri, Imo State.
The proposed capital raise comes as investors await further details on the financing structure, the terms of the rights issue and bonds, and the company’s intended use of the additional funds.