GTCO Lists Additional 4.7 Billion Shares On NGX After Public Offer

Guaranty Trust Holding Company Plc (GTCO) has listed an additional 4,705,800,290 ordinary shares of 50 Kobo each on the Nigerian Exchange Limited (NGX).

The listing follows the company’s recent public offer of 9 billion ordinary shares at N44.50 per share.

The public offer, which saw a 52.29 per cent subscription rate, resulted in the additional shares being admitted to NGX’s Daily Official List.

With this development, GTCO’s total issued and fully paid-up shares have increased from 29,431,179,224 to 34,136,979,514 ordinary shares of 50 Kobo each.

Market analysts view this listing as a significant milestone for GTCO, reinforcing its position in the financial sector while providing investors with enhanced liquidity. The successful capital raise is expected to support the company’s growth initiatives and strengthen its financial position.

GTCO had launched a public offer of 9.0 billion ordinary shares of 50 kobo each at N44.5 per share.

GTCO had announced receipt of regulatory approval for N209.41bn, representing 52.3 per cent of the total offer size.

According to the group, the offer, which garnered substantial interest from domestic retail investors, raised N209.41bn from 130,617 valid applications for 4.706bn ordinary shares, fully allotted.

“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, 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 well-diversified and robust investor base,” GTCO stated.

The announcement followed the completion of the capital verification exercise conducted by the Central Bank of Nigeria and the approval of the basis of allotment of the offer by the Securities and Exchange Commission.

Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Segun Agbaje, set the first phase of the group’s equity capital raising and has set a strong foundation for accelerated development.

He said, “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the group for transformational growth and unlock greater value across the group’s banking and non-banking businesses.”

GTCO Lists Additional 4.7 Billion Shares On NGX After Public Offer is first published on The Whistler Newspaper