Guaranty Trust Holding Company Plc (GTCO) has announced the opening of its offer for subscription of 9,000,000,000 ordinary shares at 50 kobo each, priced at N44.50 per share. This follows the clearance of the offer prospectus and the registration of the shares by the Securities and Exchange Commission of Nigeria (SEC Nigeria).
The net proceeds from this offer will be used primarily for the recapitalisation of GTCO Plc’s main banking subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria). Additionally, the funds will support the Group’s broader growth and expansion initiatives.
This move indicates GTCO’s strategic effort to strengthen its financial base and further its expansion plans, leveraging the new capital for sustained growth.
Application List for the Offer opens on Monday, July 15, 2024, and closes on Monday, August 12, 2024.
The Prospectus incorporating the Application Form is available in physical format at all GTBank Nigeria branches nationwide and in electronic format from www.gtcoplc.com.
The Prospectus and Application Forms can also be obtained in physical and electronic formats at the offices and websites of the Issuing Houses to the Offer which include Stanbic IBTC Capital Limited (Lead Issuing House), ABSA Capital Markets Nigeria Limited, FCMB Capital Markets Limited and Vetiva Advisory Services Limited.
The Prospectus and Application Forms are also available from the Stockbrokers to the Offer and other Receiving Agents nationwide.
Commenting on the launch of the Public Offer, the Group Chief Executive Officer of Guaranty Trust Holding Company plc, Segun Agbaje, said the equity capital raise is timely and marks a significant milestone in the group’s strategic plan to pivot the organisation for transformational growth across the Banking businesses in and outside Nigeria, and the non-banking businesses; differentiating it as a leading Financial Services Group in Africa.
“Over the last three years, we have diversified the earnings of the Group beyond pure banking play, through the creation of a Payments subsidiary and selective acquisitions in the Funds Management and Pension Fund Administration sectors; delivering exceptional value to our stakeholders whilst also enriching the lives of people in every community where we operate,” he said.
