business
GTCO Recapitalisation: Second Phase to Attract Foreign Investors
Guaranty Trust Holding Company Plc (GTCO) has announced plans to attract foreign institutional investments in the second phase of its recapitalisation programme in 2025.
This follows the successful completion of the first tranche, which raised N209.41bn from 130,617 valid applications for 4,705,800,290 ordinary shares. The first phase focused on an equal allocation strategy between institutional and retail investors, aligning with GTCO’s commitment to a diversified investor base.
The Group CEO, Segun Agbaje, expressed gratitude to shareholders and regulators for their support. He highlighted that the strong participation in the initial phase reaffirms investor confidence in GTCO’s fundamentals.
The proceeds from the equity raise will be used to recapitalise GTBank Nigeria, ensuring regulatory compliance and supporting group-wide growth initiatives, including expansion, product enhancement, and innovation across banking and non-banking subsidiaries.
GTCO Recapitalisation Journey
In July 2024, GTCO announced a plan to raise N400.5 billion by issuing nine billion shares at N44.5 per share.
The goal was to gather funds to expand and innovate their banking and non-banking services.
First Phase:
GTCO started the first phase of their recapitalisation plan by offering shares to both institutional (big companies) and retail (individual) investors.
They successfully raised N209.41 billion from 130,617 valid applications for 4,705,800,290 ordinary shares.
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) verified and approved the capital raised.
The funds were used to strengthen GTCO’s main subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), ensuring it meets regulatory requirements.
The money also supports expansion, product enhancement, and innovation across GTCO’s various businesses.
Second Phase:
Focus: The second phase, set to begin in 2025, aims to attract significant foreign institutional investments.
