Newscenter Media News Guaranty Trust Holding Company (GTCO) Plc has announced that it raised N209.41 billion through a public offer in the first phase of its recapitalization exercise.
This is even as the financial institution disclosed that the second phase of its recapitalisation programme will be held in 2025 and will be targeted at significant foreign institutional investments to reinforce the company’s international brand reputation.
These developments were announced in a statement by the financial institution on Monday, January 6, 2025.
The financial institution said the first phase was completed following the capital verification exercise by the Central Bank of Nigeria (CBN) and approval of the basis of allotment by the Securities and Exchange Commission (SEC).
GTCO disclosed that 130,617 valid applications were recorded for 4,705,800,290 ordinary shares, which were 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,” GTCO said.
“This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.”
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Segun Agbaje, Group Chief Executive Officer of GTCO, expressed gratitude to shareholders for their support during the first phase of the recapitalisation exercise.
“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,” Agbaje said.
“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.”
The company added that the second phase will target significant foreign institutional investments to reinforce the company’s international brand reputation.
GTCO said the proceeds from the phase of the capital raise will be used to recapitalise the company’s flagship subsidiary, Guaranty Trust Bank (GTB) Limited, enhancing its ability to meet regulatory.
“Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries,” the company added.
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