…According to GTCO management, proceeds from the combined equity raise will be strategically deployed to recapitalize the Group’s flagship subsidiary, Guaranty Trust Bank
TUE JAN 07 2025-theGBJournal| Guaranty Trust Holding Company Plc (GTCO Plc), one of the largest financial services institution in Africa, said late Monday that the first tranche of its equity capital raise programme has come to a successful close.
The closure follows the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).
The Offer, according to GTCO Plc, garnered substantial interest from domestic retail investors and resulted in the raise of a total of N209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, fully allotted.
”This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors,” the bank said in a statement.
GTCO adds that the balanced approach aligns with its commitment to fostering a well-diversified and robust investor base.
”The Strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities,” Segun Agbaje, the Group Chief Executive Officer of GTCO said, while commenting on the recapitalization exercise.
”This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking Businesses,” Agbaje adds.
GTCO says it will commence the second phase of its recapitalization plan this year, 2025, which it also says is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a truly international financial services brand.
According to GTCO management, proceeds from the combined equity raise will be strategically deployed to recapitalize the Group’s flagship subsidiary, Guaranty Trust Bank (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.
”Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both banking and non-banking subsidiaries,” GTCO management added.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
