Guaranty Trust Holding Company Plc (GTCO) has announced the successful completion of the first tranche of its equity capital raising programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Base of Assignment. of the Offer by the Securities and Exchange Commission (SEC).
The offering, which garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4,705,800,290 fully allocated ordinary shares.
This milestone concludes the first phase of GTCO's gradual equity capital raising program, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors.
This balanced approach aligns with GTCO Plc's commitment to fostering a strong and well-diversified investor base.
Commenting on this phase of the recapitalization exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude: “We extend our sincere gratitude to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this phase. initial of our capital increase. The strong participation and successful capital verification exercise and allocation process reaffirms the confidence that investors have in our fundamentals and execution capabilities.
“This establishes a solid foundation to accelerate our strategic roadmap, which aims to drive the Group towards transformational growth and unlock greater value across the Group's banking and non-banking businesses.”
GTCO Plc continues to lead its peers in key profitability and financial performance metrics. Building on this successful first phase, the Group will begin the second phase of its recapitalization plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a “truly international” financial services brand.
The proceeds from the combined capital raise will be strategically used to recapitalize the Group's flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.
Additionally, the funds will support growth initiatives across the Group, including footprint expansion, product enhancement and innovation across banking and non-banking subsidiaries.
GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.