GTCO Unveils 9bn Shares Through Public Offer Aim At Raising N400.5bn
By Emmanuel Uffot
In line with the Central Bank of Nigeria ( CBN) new capital base prescription for commercial banks in Nigeria, Guaranty Trust Company (GTCO), has offered for subscription 9,000,000,000 billion ordinary shares of 50 kobo each at N44.50 per share.
The offer according to the financial institution which is aimed at raising N400.5 billion, follows the clearance given by the Securities and Exchange Commission (SEC).
The Holding Company says the offer which is primarily targeted at recapitalising it’s major banking subsidiary Guaranty Trust Bank to meet N500 billion capital base, will equally be deployed to support the Group’s growth and expansion initiatives.
The application for the offer which opened on Monday July 15, 2024 will close on Monday August 12, 2024.
Segun Agbaje, CEO GTCO.
Similarly, it says application form for subscription is available in all the GTBank nationwide and electronic platform through www.gtcoplc.com
The banking Group also explained that prospectus and application forms for the offer, can also be obtained physically at the offices and websites of the Issuing Houses.
The Group listed the Issuing Houses for the Offer as, Stanbic IBTC Capital Limited which is the lead Issuing House. ( stanbicibtccapital.com), ABSA Capital Market Nigeria (Cib.absa.africa), FCMB Capital Market Limited (FCMB Capital market.ng.com) and Vetiva Advisory Services Limited (vetica.com).
Also listed as the channel to get the prospectus and application forms for the offer are, stockbrokers to the offer and their Receiving Agents nationwide.
Speaking on the offer, GTCO Chief Executive Officer Segun Agbaje says the offer marks a significant milestone on the bank’s strategic plans. ” This equity to be raise is timely and it marks a significant milestone in our strategic plans to pivot the organisation for transformational growth across the banking businesses in and outside Nigeria and the non-banking businesses to make it a leading financial services Group I Africa.
“Over the last three years, we have diversified our earnings beyond pure banking through the creation of a payment subsidiary and selective acquisitions in the funds management and pension fund administration sectors, delivering exceptional value to our shareholders while also enriching the lives of people in every community where we operate”.
The banking Group further explained that the offer is between institutional and retail investors, and the allocations are split at 50 percent corresponding to 4.5 billion offer shares each to both respectively.
Guaranty Trust Holding Company Plc, is holding company of GTCO Group.
With over 300 branches across the country, the Group operates in 10 countries across Africa and the United Kingdom.
As at the time of this report, GTCO and three other big banks falling under the tier-1 banks expected to recapitalised to the tune of N500bn by 2026, have gone to the capital market with their equity to raise funds. The other three are, Fidelity Bank which was the first, Access Holdings ( Access Bank) and Zenith Bank.
