GTCO Closed N209bn from First Tranche of Equity Capital Raise
Guaranty Trust Holding Company Plc (GTCO) says it has successfully completed the first tranche of its equity capital raise programme.
This followed the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).
Mr Segun Agbaje, Group Chief Executive Officer (CEO), confirmed this in a statement on Monday in Lagos. Agbaje said that the offer, which garnered substantial interest from domestic retail investors, raised N209.41 billion from 130,617 valid applications for 4,705,800,290 ordinary shares, fully allotted.
He said: “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.
“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.”
According to him, the strong participation and successful capital verification exercise and allotment process reaffirmed the confidence investors have in GTCO’s fundamentals and execution capabilities.
The CEO added that this sets a solid foundation for accelerating the group’s strategic roadmap. Agbaje emphasised that the initiative aims to position the Group for transformational growth while unlocking greater value across its banking and non-banking businesses.
He noted that GTCO continued to lead its peers in key profitability metrics and financial performance. “Building on this successful first phase, the group will commence the second phase of its recapitalisation plan in 2025.
“This is strategically positioned to attract significant foreign institutional investments, also reinforcing its reputation as a “truly international” financial services brand,” he said.
According to him, proceeds from the combined equity raise will be strategically deployed to recapitalise the group’s flagship subsidiary, Guaranty Trust Bank Ltd. (GTBank Nigeria).
Agbaje said that this would help to enhance the bank’s ability to meet regulatory requirements and further solidify its position as a leading financial institution.
Additionally, the funds, the group’s CEO said, would support group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both banking and non-banking subsidiaries.
Agbaje assured that GTCO remained committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa. #GTCO Closed N209bn from First Tranche of Equity Capital Raise FBN Holdings Records Huge Off-Market Shares Transactions
