GTCO, the parent company of Guaranty Trust Bank, plans to raise $750 million by listing additional shares on the Nigerian and London Stock Exchanges. This move aims to meet and surpass the new working capital requirement set by the Central Bank in February 2024. The decision on whether the shares and bonds will be issued in tranches, series, or proportions is yet to be finalized.
Meanwhile, shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved the establishment of a capital raising program of $750 million through public offerings, private placements, rights issues, or other transaction modes. They also endorsed the management’s N94.179 billion dividend payouts for the year ended December 31, 2023, totaling N3.20 per share.
During the third Annual General Meeting, Chairman Hezekiah Sola Oyinlola highlighted the company’s progress in broadening and diversifying revenue streams. The Group CEO, Segun Agbaje, noted the strong performance in 2023, with a PBT of N609.3 billion, driven by impressive growth in gross earnings. Agbaje expressed confidence in the company’s future performance and promised increased dividends in 2024.
Shareholders praised GTCO’s 2023 performance and expressed confidence in the company’s ability to successfully raise capital. They commended the company’s commitment to good corporate governance and urged minority shareholders to support the recapitalization effort.
Sources: Punch news
