GTCO To Raise N400.5bn Through Public Offer

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Guaranty Trust Holding Company (GTCO) Plc is set to raise N400 billion in fresh capital as part of the Central Bank of Nigeria’s (CBN) recapitalization policy.

The Group CEO, Segun Agbaje, announced the plan during a presentation at the Nigerian Exchange Limited (NGX), revealing that 9 billion ordinary shares will be issued at N44.50 per share, pending regulatory approval.

The capital raised will be used to fund the growth and expansion of GTCO’s businesses, including investments in technology infrastructure, the establishment of new subsidiaries, selective acquisitions of non-banking businesses, and the recapitalization of Guaranty Trust Bank Limited (GTBank Nigeria).

Agbaje emphasized that the offering is structured to target both retail investors in Nigeria and institutional investors internationally via private placements.

Agbaje highlighted the strategic benefits of GTCO’s holding company structure, which positions the company to seize new business opportunities and strengthen its earnings base.

This move aligns with GTCO’s goal to drive growth in Africa by leveraging technology and strategic partnerships.

The Chairman of NGX Group, Alhaji Umaru Kwairanga, praised GTCO for its transparency in briefing stakeholders about the capital raise and expressed confidence in the success of the offer.

Source: Daily Trust

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