GTCO plans N400bn capital raise


GTCOGuaranty Trust Bank Plc has announced a plan to raise N400.5bn by issuing 9 billion shares at N44.5 per share as part of its strategy to fuel expansion and innovation.

The Managing Director and Chief Executive Officer of GTCO, Segun Agbaje, disclosed that at a ‘Facts Behind the Offer Presentation by Guaranty Trust Holding Company’ in Lagos State on Monday.

He mentioned that the proposal would soon receive regulatory approval to begin.

“What we agreed to raise is about N400bn shares by issuing 9 billion shares at N44.5 per share. I think the exchange has been kind enough to approve this. We think this is a great price. The public offer has not been launched,” he stated.

He added that the raised capital would be strategically invested in increasing working capital and expanding the company and its shareholders domestically and internationally.

“This is a perfect time to invest in Nigeria. The country has moved into what I call an orthodox monetary policy situation. It is a great time to build internationally and domestically, Agbaje added.

He highlighted the bank’s long-term vision for growth and adaptation, stating, “It will be a painful process, but life adjusts, incomes adjust, habits adjust and if we are stable, we can all live happily.”

He noted that the bank also aimed to expand its customer base and establish a track record of $1bn profit.

“It is also time we go to countries where there is GDP growth. We are going to countries where we can make a decent amount of money and we are also eyeing a $1bn profit,” he remarked.

Also, the Head of Primary Market, NGX, Tony Ibeziako, stated that the public cannot grow a $1tn economy without having a banking sector that rises to that challenge.

“This recapitalisation effort by GTCO is a crucial step in ensuring that the banking sector is robust enough to support the country’s economic ambitions,” he stated.

Ibeziako emphasised the importance of the initiative for the banking industry’s overall health and growth.

“We hope that at the end of this banking recapitalisation exercise, the GDP will increase. This is a direct call to the institutional investors to embrace this offer and to embrace the market recapitalization,” Ibeziako declared.

In his remarks, the Group Chairman of NGX Group, Umaru Kwairanga, expressed commitment to ensuring a seamless process for GTCO and its shareholders.

Previous Article

Naira weakens to 1,523/$ at official market

Next Article

NGX suspends Unity Bank, seven others’ shares

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.