GTCO Plc Opens Public Offer To Raise N400.5 Billion

GTCO Plc has opened a public offer to raise N400.5 billion.

 

NewsOnline Nigeria reports that Guaranty Trust Holding Company plc today announced the opening of its offer for a subscription of 9,000,000,000 ordinary shares of 50 kobo each at N44.50 per ordinary share. 

 

This follows the clearance of the offer prospectus and registration of the offer shares by the Securities and Exchange Commission, Nigeria (SEC Nigeria).  

 

ALSO: UBA @75: Customers Set To Win Over N200m As UBA Legacy Promo Kicks-Off

 

According to a statement from the company, made available to Nairametrics, net proceeds of the offer will be applied toward the recapitalisation of GTCO Plc’s principal banking subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria) as well as support Group-wide growth and expansion initiatives.  

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.  

 

GTCO recently said that its proposed N400.5 billion capital raise via public offer is intended to enhance its capital base and expand its international footprint.   

 

Speaking at the “Facts Behind the Offer Presentation,” GTCO Group Managing Director Mr. Segun Agbaje disclosed that the group plans to issue nine billion ordinary shares of 50 kobo each at an offer price of N44.50 per share on the Nigerian Exchange Limited (NGX).   

 

“On growth strategy going forward, GTCO plans to deepen the business, exposure to critical sectors would be bigger and stronger.  

“Outside Nigeria, we are planning to invest in Senegal, because we think business is good there. We are going to grow in Cote d’Ivoire, Ghana, and Kenya,” he said  

 

He vowed that the Group would become the first financial institution to reach $1 billion in profit.

  

“We want a market capitalization that Nigeria will be proud of. There is no Nigerian company that has ever made $1 billion in profit, and we are going to be the first to achieve it,” he said.