The Guaranty Trust Holding Company Plc (GTCO) has notified the Securities and Exchange Commission (SEC) of its plans to raise about N500bn starting in July for growth and expansion. The Holding Company intends to raise N500 billion via the issuance of its ordinary shares of 50 kobo each.
In a notice to the Securities and Exchange Commission (SEC), GTCO stated thus:
“The net proceeds of the proposed offering will be used for (i) the growth and expansion of the GTCO Plc Group businesses. Such planned growth and expansion will be effected through investment in technology infrastructure to fortify existing operations, the establishment of new subsidiaries and selective acquisition of non-banking businesses; and (ii) the recapitalisation of Guaranty Trust Bank Limited (GT Bank Nigeria).”