Friday, October 22, 2021

    Guaranty Trust Holding Company commemorates listing on NGX

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    GT Bank
    By Chinyere Joel-Nwokeoma
    Lagos, July 13, 2021 Guaranty Trust Holding Company (GTCO) Plc on Tuesday officially transformed into a holding company (holdco) with the commemoration of the listing of its shares on the Nigerian Exchange (NGX).

    The event also featured the unveiling of the company’s new brand identity to the capital market stakeholders and members of the general public.

    This means that GT Bank Plc will now be referred to as Guaranty Trust Holding Company (GTCO) Plc to the investing community.

    Speaking during the ceremony to commemorate the listing, the Group Chief Executive Officer, GTCO Plc, Mr Segun Agbaje, assured investors of enhanced returns on their investment.

    Agbaje said the transition was embarked upon to enhance share growth, value addition and to achieve its long-term goal of becoming one of the top five financial institutions in Africa.

    Agbaje said the experience of trading on the NGX had been beneficial to both the company and the shareholders.

    He said the company was very excited with the opportunities inherent in the Nigerian capital market in terms of diversification of income base.

    Agbaje said the bank would adopt one form one share exchange ration, noting that it would not reduce or impact its shareholding structure.

    “On behalf of the Board and Management of GTBank and the newly formed GTCO, I must thank the NGX for its unwavering support in listing GTCO on The Exchange.

    “At GTCO, we are very excited about the opportunities that have opened up to us with this restructuring, particularly, because diversifying our income base has always been a major priority.

    “As we venture into this new phase, we look forward to leveraging technology and introducing new business lines – including payments; asset management and more – that go beyond the needs of institutional or wholesale clients to improve retail clients’ access to the financial markets,” he said.

    Earlier in his opening remark, the Chief Executive Officer, NGX, Mr Temi Popoola, commended the board and management of GTCO Plc for its successful restructuring.

    Popoola said the NGX would continue to partner GTCO and other listed companies and issuers to build a platform that allowed listed companies, investors and other stakeholders to maximise value in the market.

    It will be recalled that GTCO officially listed its shares on the NGX June 28, following the restructuring of Guaranty Trust Bank (GTB) Plc.

    At the time, the shares of GTB were officially delisted from the market, and GT HoldCo’s entire issued share capital of 29,431,179,224 ordinary shares of 50k each were listed on the bourse

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