Guaranty Trust Holding Company Plc (GTCO) has made significant strides in its growth and expansion plans, completing the first tranche of its equity capital raise programme. The highlights of this milestone are as follows:
Key Developments:
- Capital Raised:
GTCO successfully raised N209.41 billion during the first tranche of its equity capital raise programme. - Regulatory Approvals:
- The Central Bank of Nigeria (CBN) has verified the capital raised.
- The Securities and Exchange Commission (SEC) approved the Basis of Allotment of the Offer.
- Investor Participation:
- The offer saw robust participation, primarily from domestic retail investors, with 130,617 valid applications for 4,705,800,290 ordinary shares.
- Strategic Plans:
- GTCO plans to launch the second phase of its recapitalisation plan in 2025, targeting significant foreign institutional investments to reinforce its international financial services brand.
- Proceeds will be deployed to:
- Recapitalise Guaranty Trust Bank Limited (GTBank Nigeria) to meet regulatory requirements.
- Group-wide initiatives including expansion, product development, and innovation across Banking and Non-Banking subsidiaries.
CEO’s Statement:
Segun Agbaje, the Group CEO, expressed gratitude to shareholders and regulators for their support. He highlighted the successful capital raise as a testament to investor confidence in GTCO’s strong fundamentals and execution capabilities. He further emphasized the Group’s strategic focus on transformational growth and value creation across its operations.
Future Outlook:
The Group’s recapitalisation strategy sets the stage for its continued leadership in the financial services sector, with a vision to enhance operational efficiency, expand its footprint, and deliver superior returns to its stakeholders.
Source: Stockwatch & Fundvine
