Guaranty Trust Holding Company (GTCO) is preparing to list all its shares on the London Stock Exchange(LSE), making history as the first Nigerian banking group to do so. As part of this move, GTCO plans to raise around $100 million by offering new ordinary shares to institutional investors.
On July 31, GTCO will cancel its Global Depositary Receipts (GDRs) from the UK Financial Conduct Authority’s (FCA) Official List and from trading on the LSE’s main market. Instead, the company will directly list all its ordinary shares under a secondary listing on the FCA’s Official List.
These shares will also begin trading on the LSE’s main market for listed securities. The group expects nearly 99% of its share capital to be freely available for trading after the listing.
The company revealed that it will use the money raised from the offering to recapitalize its main subsidiary, GTBank Nigeria. Based on the current exchange rate of ₦1,540 to $1, the expected $100 million equals about ₦154 billion.
This capital injection will help GTCO meet the new ₦500 billion minimum capital requirement for Nigerian banks with international licenses. Other top banks like Zenith Bank and Access Holdings have already met this requirement.
GTCO Share Sale Timeline and Details
GTCO has started an accelerated bookbuild, which is a quick way to raise capital by offering shares at a discount to institutional investors. This process usually wraps up within two days.
Citigroup is managing the process as the sole global coordinator and bookrunner. Once the bookbuild closes on July 3, GTCO will announce the share price and how many shares will be sold.
The company will publish its prospectus on July 4. By July 9, trading of GTCO’s ordinary shares on the LSE will begin at 8:00 a.m. The shares will initially trade in U.S. dollars under the symbol “GTHC”. Later, the ticker will change to “GTCO” after the GDR delisting is completed.
Transition from GDRs to Ordinary Shares
GTCO’s GDR holders can exchange their receipts for depositary interests (DIs) starting July 9. The deadline to submit exchange requests is July 23. The official delisting of the GDRs will take effect on July 30.
Until then, the GDRs will continue to trade under the symbol “GTCO”. Once the delisting is finalized, any remaining GDR holders who submitted valid requests will receive their DIs, and GTCO will settle any outstanding interests.
GTCO launched its GDR programme in 2007, offering one GDR for every 50 GTCO shares. With the new listing, the company is moving toward a full dual listing, following the path of other Nigerian firms like Seplat and Airtel Africa.
GTCO confirmed that its Nigerian listing will not be affected. Its shares will continue to trade on the Nigerian Exchange (NGX) in Naira under the same ticker, “GTCO”. After the London listing, investors will be able to transfer shares between the NGX and LSE if they meet certain conditions.
This historic step strengthens GTCO’s position in global financial markets and supports its long-term strategy to attract international investment.
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