GTCO Hints on Next Step After Raising N209.41 Billion
- For the first phase of its equity capital issue, Guaranty Trust Holding Company Plc has successfully raised N209.41 billion
- This followed the necessary clearances from the Central Bank of Nigeria and the Securities and Exchange Commission
- The Group Chief Executive Officer of GTCO Plc, Segun Agbaje, expressed gratitude on this phase of the recapitalization effort
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Guaranty Trust Holding Company Plc has successfully raised N209.41 billion for the first tranche of its equity capital raise program after obtaining the required approvals from the Securities and Exchange Commission and the Central Bank of Nigeria.
Source: Getty Images
According to a statement released by GTCO, 130,617 valid applications for 4,705,800,290 common shares were received, indicating that the offer generated a high level of interest from domestic retail investors.
The program's initial phase came to a successful end when all of the shares were distributed.
Segun Agbaje, Group Chief Executive Officer of GTCO Plc, commented on this stage of the recapitalization effort and conveyed his appreciation.
“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.
“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 Plc stated that it outperformed its competitors in terms of financial performance and important profitability indicators.
“Building on this successful first phase, the Group will commence the second phase of its recapitalisation plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a ‘Truly International’ financial services brand,” the company added.
The Group's flagship subsidiary, Guaranty Trust Bank Limited (GTBankNigeria), will be recapitalized using the proceeds of the joint equity offering. This would strengthen the bank's compliance with regulatory standards and further establish it as a preeminent financial institution.
Additionally, the funds will be used to support group-wide growth goals, such as product enhancement, innovation, and footprint development across banking and non-banking companies.
GTCO also reaffirmed its dedication to providing its stakeholders with long-term value and fostering innovation in Africa's financial services industry.
GTCO becomes first to cross N1 trillion profit threshold
Legit.ng reported that the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE) have received the audited consolidated and separate financial statements for the period ending June 30, 2024, from Guaranty Trust Holding Company Plc (GTCO).
The group became the first financial institution in Nigeria to surpass the N1 trillion profit threshold when it announced profit before taxes of N1.004 trillion.
With this milestone result, the N327.4 trillion recorded in the equivalent period ending in June 2023 has increased by 206.6%.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
