GTCO Holdings will begin trading on the London Stock Exchange at 8am on 9 July, becoming the first Nigerian banking group to list all its shares on the LSE.
The move follows a $100 million equity offer launched on 2 July through an accelerated bookbuild managed by Citigroup, scheduled to close on 31 July.
Also Read: Nigeria’s Creative Future Shines as Terra Academy Graduates 9,000 in Landmark Ceremony
GTCO has also announced the cancellation of its Global Depositary Receipts on the UK’s Financial Conduct Authority Official List and the LSE’s main market. These will be replaced by a full listing of its ordinary shares under a secondary listing category.
Proceeds from the offer—about ₦154 billion at current rates—will be used to recapitalise GTBank Nigeria, as the group seeks to meet the ₦500 billion capital threshold set for banks with international licences.
Leave feedback about this
You must be logged in to post a comment.