Latest news with #SegunAgbaje
Yahoo
07-07-2025
- Business
- Yahoo
Nigerian financial group Guaranty Trust targets London listing
Guaranty Trust Holding Co (GTCO), a Lagos-based banking group, announced plans for a listing on the London Stock Exchange's main market. The move is aimed at enhanced global visibility and compliance with the Central Bank of Nigeria's (CBN) new capital requirements. The CBN mandates a minimum capital of N500bn ($327.2m) for banks like GTBank Nigeria, a subsidiary, by 31 March 2026. The net proceeds from the London listing will primarily support GTBank Nigeria's recapitalisation and align with Guaranty Trust's growth strategy. Specifically, the funds will help the company in expanding its loan portfolio, upgrading IT systems, opening new branches, and pursuing 'selective bolt-on' acquisitions. Admission to the LSE main market is expected on 9 July, with Citigroup as the sole global coordinator and bookrunner. The company also plans to cancel its existing global depositary receipts listing on the LSE by 31 July. GTCO has completed a primary equity offering on the London Stock Exchange, securing $105m by issuing approximately 2.29 billion new ordinary shares, as per a company statement on 3 July. The shares were priced at N70.00 Naira each. Post-offering, GTCO's total issued share capital will reach 36.43 billion shares, with about 99.9% held by public investors. This follows GTCO's fundraise of N209bn in July 2024. GTCO Group CEO Segun Agbaje said: "This Offering and transition to a full listing on the Official List of the FCA and to trading of the Company's shares on the London Stock Exchange's main market for listed securities represents a pivotal moment in GTCO's growth story, reinforcing our position as a forward-thinking African Financial Services Institution. This move builds on our tradition of "many firsts" and innovation, as we continue to create exceptional value for our shareholders, customers, and broader stakeholders. 'By enhancing our global visibility and access to capital, we are not just advancing our own ambitions but also unlocking transformative opportunities across the markets and customer segments we serve." The shares will start trading on the LSE under the ticker 'GTHC', later transitioning to 'GTCO'. Shares will also trade in Naira on the Nigerian Exchange Limited under 'GTCO'. Until the GDR listing cancellation takes effect on 31 July 2025, GTCO's GDRs will continue trading freely under the ticker 'GTCO'. GDR holders can exchange for depository interests on the LSE or shares on the NGX, with transferability between exchanges subject to criteria. "Nigerian financial group Guaranty Trust targets London listing " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
04-07-2025
- Business
- Zawya
Nigeria: GTCO to list on London stock exchange, seeks $100mln for recapitalisation
Guaranty Trust Holding Company Plc (GTCO) is set to list its shares on the London Stock Exchange, having revealed plans to raise approximately $100 million through a fully marketed equity offering and transition from its current Global Depositary Receipts (GDRs) structure. According to a disclosure sent to the Nigerian Exchange Limited (NGX) on Thursday, the offering commenced on July 2 and is expected to close on July 3, 2025. The admission of GTCO's ordinary shares to the London Stock Exchange is scheduled for 8:00 a.m. on July 9, 2025. GTCO noted that, in line with this move, it has applied to cancel the listing of its GDRs on the FCA's Official List and the London Stock Exchange's Main Market. The company will instead list its ordinary shares directly on the LSE under the ticker symbol 'GTHC,' which will later be changed to 'GTCO' following the cancellation of the GDRs by July 31, 2025. The group explained that the offering would support the recapitalisation of its banking subsidiary, GTBank Nigeria, in line with the Central Bank of Nigeria's new minimum capital requirement of ₦500 billion for international commercial banks. 'The net proceeds of this offering will be used primarily for the further recapitalisation of GTBank Nigeria and are intended to be deployed in accordance with GTCO's growth strategy,' the company stated. According to the Group Chief Executive Officer of GTCO, Segun Agbaje, the development marks a defining moment in the company's growth trajectory. 'This offering and transition to a full listing on the Official List of the FCA and to trading of the company's shares on the London Stock Exchange's main market for listed securities represents a pivotal moment in GTCO's growth story, reinforcing our position as a forward-thinking African financial services institution,' Agbaje said. He added, 'By enhancing our global visibility and access to capital, we are not just advancing our own ambitions but also unlocking transformative opportunities across the markets and customer segments we serve.' In July 2024, GTCO completed the first tranche of its capital raise, securing ₦209 billion. The current offering represents the second tranche aimed at meeting the CBN's March 2026 deadline. GTCO also disclosed that it delivered a profit after tax of ₦258 billion in the first quarter of 2025, representing a 61 per cent year-on-year growth (excluding fair value gains), driven by strong core earnings. The bank's non-performing loan ratio improved to 4.5 per cent during the period under review, down from 5.2 per cent at the end of 2024.
