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NGX delists GTBank shares, lists GT Holdco’s shares

The Nigerian Exchange Limited has delisted the entire 29,431,179,224 issued shares of GTBank Plc from the Daily Official List of the Exchange on 24th June 2021.


This is just as GT Holdco’s entire issued share capital of 29,431,179,224 ordinary shares of 50 Kobo each were also listed on the Daily Official List of NGX at N28.55 per share.


The delisting of GTB and listing of GT HoldCo on NGX, according to a notice obtained from the NGX weekly report, was pursuant to the Scheme of Arrangement between Guaranty Trust Bank Plc and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the Court.


According to the NGX: “We refer to our market bulletin with reference number NGX REG/LRD/MB16/21/06/18 dated 18 June 2021 wherein the Market was notified that trading in the shares of Guaranty Trust Bank Plc (GTB) was placed on full suspension effective Friday, 18 June 2021, in preparation for the delisting of GTB and listing of the Holding Company, Guaranty Trust Holding Company Plc (GT HoldCo)”.


GTBank recently announced that it has obtained the approval in principle of the Central Bank of Nigeria (CBN) to commence the process of the rorganisation of the bank to a financial holding company which will be implemented by means of scheme of arrangement between the bank and its shareholders pursuant to the Companies and Allied Matters Act.


The bank has also obtained the no-objection of the Securities and Exchange Commission (SEC) in connection with the proposed scheme.


The bank, in a press release signed by the Bank’s secretary, Erhi Obebeduo, obtained from the Exchange website, explained that under the restructuring, it is proposed that the issued shares in the bank be exchanged on-a-one for one basis for the shares in a financial holding company.


The bank’s existing global depository receipts (CDRs) are also proposed to be exchanged on a one -forone basis for new CDRs to be issued by the financial holding company.


“The board of directors of GTBank made the decision to embark on the restructuring following a comprehensive strategic evaluation of the operating and competitive environment of the Nigerian banking sector in the near term.


“The board expects that the financial holding company will have greater strategic flexibility to adapt to future opportunities as well as market and regulatory changes than is currently the case.


“Subject to the approval of the scheme by the bank’s shareholders, the relevant regulatory authorities and the Federal High Court of Nigeria, the holding company will have an organizational structure similar to that used by a significant number of major financial institutions globally




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