GTCO’s Valuation Hits N3trn on Start of Stock Trading in London

Guaranty Trust Holding Company Plc (GTCO) saw its valuation rise to the N3trn mark as it listed on the London Stock Exchange (LSE) on Wednesday, cementing its position as the biggest lender by market capitalisation on the Nigerian Exchange Limited (NGX).

The start of trading of the shares of GTCO, the parent of Guaranty Trust Bank, on the main market of the LSE followed the launch last week of a fully marketed offering of ordinary shares to raise about $100 million on the bourse.

The holding company has cancelled the global depositary receipts it listed on the LSE in 2007, saying its entire issued share capital, consisting 36,425,229,514 shares, has been admitted to the equity shares category of the official list of the United Kingdom Financial Conduct Authority.

Its market cap rose to N3 trillion from N2.93 trillion on Tuesday, while its share price increased by 2.39% on the NGX to N88 apiece.

“This offering and transition to a full listing on the official list of the FCA and to trading of the company’s shares on the London Stock Exchange’s main market for listed securities represents a pivotal moment in GTCO’s growth story, reinforcing our position as a forward-thinking African Financial Services Institution,” Segun Agbaje, group chief executive officer of GTCO, said in a statement last week.

“This move builds on our tradition of ‘many firsts’ and innovation, as we continue to create exceptional value for our shareholders, customers, and broader stakeholders,” he added.