…The Proposed Offering is anticipated to open by July, 2024
…The net proceeds of the Proposed Offering, according to GTCOPLC, will be used for the growth and expansion of the GTCOPLC Group’s businesses
SAT JUNE 15 2024-theGBJournal| Guaranty Trust Holding Company Plc (GTCOPLC) has filed a preliminary “red herring” prospectus with the Securities and Exchange Commission (SEC) in connection with a proposed offering for subscription of ordinary shares of 50 kobo each in its share capital (the Ordinary Shares) to raise gross proceeds of up to N500 Billion.
The bank said an application will be filed for the approval of the Board of the Nigerian Exchange Limited (NGX) with respect to the listing and admission to trading of the Ordinary Shares on the NGX Official List.
The net proceeds of the Proposed Offering, according to GTCOPLC, will be used for the growth and expansion of the GTCOPLC Group’s businesses.
”Such planned growth and expansion will be effected through investments in technology infrastructure to fortify existing operations, the establishment of new subsidiaries and selective acquisitions of non-banking businesses; and the recapitalisation of Guaranty Trust Bank Limited,” GTCOPLC said.
The GTCOPLC noted however on Friday, that the number of Ordinary Shares to be offered and the price range for the Proposed Offering have not yet been determined.
According to GTCOPLC’s management, the filing of the Red Herring Prospectus was undertaken with a concurrent filing of a preliminary universal shelf registration statement.
The universal shelf registration will permit GTCOPLC to establish a multi-currency securities issuance programme to issue various types of securities, or any combination of such securities, in one or more offerings, from time to time, to raise proceeds in an aggregate amount of up to U.S.$750 million (or equivalent amount in Nigerian Naira) in the Nigerian/international capital markets during the validity period of the Programme.
The Proposed Offering is anticipated to open by July, 2024, and it is structured as an institutional offering targeted at eligible investors and a retail offering within Nigeria (the Nigerian Tranche) and a private placing to persons reasonably
believed to be qualified institutional buyers outside Nigeria (the International Tranche).
”The Proposed Offering is expected to be the first issuance under the Programme,” GTCOPLC said.
The GTCOPLC Group is one of the largest financial services organisations in Africa.
Headquartered in Lagos, Nigeria, the Issuer maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
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