ABC Transport Plans N6.5bn Fundraising Through Rights Issue, Bonds

ABC Transport Plc has announced 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.

The transport company disclosed the proposed fundraising in a notice to the Nigerian Exchange Limited 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 proposed capital-raising plan as part of the company’s funding strategy.

However, ABC Transport did not disclose how the proposed N6.5bn would be divided between the rights issue and the bond issuance. The company also did not specify how the funds would be used.

A rights issue allows a company to offer new shares to existing shareholders, usually in proportion to their current holdings. Bond issuance, by contrast, enables a company to borrow money from investors, with repayment and other terms determined by the bond agreement.

The proposed fundraising remains subject to approval by shareholders at the company’s forthcoming Annual General Meeting. Until that approval is obtained, the plan remains a proposal rather than a completed capital-raising exercise.

In a separate disclosure, ABC Transport said the closed period restricting directors and other insiders from trading in the company’s securities would remain in effect. The restriction is scheduled to end 24 hours after the publication of the company’s unaudited financial statements for the third quarter ended September 30, 2026, to the Exchange and the public.

The notice was issued from the company’s headquarters in Owerri, Imo State, on October 21, 2026. The proposed N6.5bn fundraising would provide the company with additional capital if approved, although details of the allocation between the two funding methods and the intended use of the proceeds have yet to be disclosed.