Guaranty Trust Holding Company Plc (GTCO Plc), listed on the Nigerian Exchange Group (NGX: GTCO), has successfully completed the first tranche of its equity capital raise programme. This milestone follows the verification of the capital by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).
The offer attracted substantial interest from domestic retail investors, raising an impressive N209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, which have been fully allotted. This marks the conclusion of the initial phase of GTCO phased equity capital raise programme, built on a balanced allocation strategy evenly split between institutional and retail investors. This approach reflects GTCO’s commitment to maintaining a diversified and robust investor base.
Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude to stakeholders, stating:
“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise reaffirm investors’ confidence in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap to unlock greater value across the Group’s Banking and Non-Banking businesses.”
Looking ahead, the Group plans to initiate the second phase of its recapitalization in 2025, with a focus on attracting significant foreign institutional investments. This aligns with GTCO’s ambition to bolster its status as a “Truly International” financial services brand.
Strategic Deployment of Funds
The proceeds from this equity capital raise will be strategically allocated to recapitalize GTCO’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria). This move will enhance its capacity to meet regulatory requirements while solidifying its position as a leading financial institution.
Additionally, the funds will drive Group-wide growth initiatives, including:
- Footprint expansion in existing and new markets.
- Product enhancement to meet evolving customer needs.
- Innovation across Banking and Non-Banking subsidiaries to maintain competitive edge.
With this successful recapitalization, GTCO is poised to deliver sustainable value to its stakeholders and lead innovation in Africa’s financial services landscape.
Stay tuned to 9am News Nigeria for more Breaking News, Business News, Sports updates And Entertainment Gists.
