Guaranty Trust Holding Company Plc Offers 9 Billion New Ordinary Shares
Guaranty Trust Holding Company Plc (GTCO) has announced a new offering of 9,000,000,000 ordinary shares of 50 kobo each.
This strategic move aims to recapitalize its Nigerian banking subsidiary and expand the group’s footprint in the pension fund administration and asset management sectors.
Details of the Offering:
Issuer: Guaranty Trust Holding Company Plc
Lead Issuing House: Stanbic IBTC Capital Limited
Joint Issuing Houses: Absa Capital Markets Nigeria Limited, FCMB Capital Markets Limited, and Vetiva Advisory Services Limited
Offer Price: ₦44.50 per Offer Share
Total Share Capital: ₦14,715,589,612, divided into 29,431,179,224 ordinary shares of 50 kobo each
Purpose of the Offering:
After deducting the costs and expenses of the offer, estimated at ₦8,010,000,000 (2% of gross proceeds), the net proceeds of ₦392,490,000,000 will be allocated as follows:
Offer Structure and Allocation:
The offer, structured as an Offer for Subscription, will be split equally between institutional investors and retail investors, with each group allocated 4,500,000,000 shares. The issuer retains the right to adjust this allocation based on demand from each investor class.
Key Dates:
Subscription and Payment:
The minimum subscription is set at 100 Offer Shares, with multiples of 10 thereafter. Payment is required in full upon application.
Market Capitalisation:
Listing and Quotation:
GTCO’s entire issued and paid-up share capital is listed on the Nigerian Exchange (NGX). An application has been submitted to the NGX Board for the listing of the new shares.
Allotment and Status:
The new ordinary shares will rank equally with the existing shares. The allotment will follow SEC rules, ensuring all investors receive the minimum application in full, with any remaining balance allotted according to the determined allocation split.
This offering represents a significant step for GTCO in strengthening its financial base and expanding its business operations, reflecting the company’s commitment to sustained growth and value creation for its shareholders.