GTCO To Raise $750 Million Via NGX And London Stock Exchange

GTCO Plc, the holding company of Guaranty Trust Bank, has revealed plans to list additional shares on the Nigerian and London Stock Exchanges in order to raise $750 million.
The share sales are to enable the bank to meet the new working capital requirement of N500 billion, mandated by the Central Bank in February 2024.
“A decision has not been reached if the shares and bonds will be issued in tranches, series, or proportions, so it’s possible to see multiple issuances until the said amount is raised,” said Nelson Abudah, a research analyst at Afrinvest.

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Abudah also mentioned that GTCO would rather raise its capital on the Nigerian Stock Exchange. However, it is uncertain if the local market is robust enough to raise the capital it’s seeking to raise, hence, the inclusion of the London Stock Exchange.

“It calls into question the depth and size of the NGX. On one hand, there’s the reality that the NGX can’t create enough funds for such an amount to be raised. Then again, there’s the fact that it’s not only GTCO that’s looking to tap into the Nigerian market at this point in time,” Abudah said.

Techrectory with Agency Report.

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