THE Domestic Underwriters of GTBank Global Depository Receipt (GDR) have announced a reference price of $12.75 per GDR.GTBank is offering $250 million for the domestic market of the $750 million GDR on offer. Nigerian investors willing to invest in the offer can access foreign exchange through the official foreign exchange market window to subscribe to the domestic offer.
A statement issued by the bank said upon completion of the on-going book building, which is being managed by JP Morgan and Morgan Stanley, the Joint Book runners/Global Coordinators to the GDR Offering, the final offer price, which is expected to be announced on Friday, may be close at below or above the reference price. Each GDR represents 50 Guaranty Trust Bank shares. Minimum subscription is 50 GDRs with additional subscription in multiples of 50. Interested investors have up till Thursday, July 19, 2007 to subscribe to the domestic offer.
The bank has already filed an application to the United Kingdom Listing Authority for the admission of the GDRs to the Official List. At the end of the offer period, the GDRs are to be admitted to trading under the symbol “GRTB” on the market for listed securities of the London Stock Exchange through its International Order Book. According to an article in the July 10, 2007 edition of the Financial Times of London, “upon completion of the offer, Guaranty Trust Bank Plc will become the first bank from sub-Saharan Africa to list on the London Stock Exchange.”
The bank plans to use the net proceeds of the global offering to fund expansion and refurbishment of its branch network; strategic business development, increasing its equity investment in existing subsidiaries, including its banking subsidiaries in West Africa and its insurance subsidiary, Guaranty Trust Assurance Plc. In addition, the fresh capital will fund further regional expansion into West Africa; increase the bank’s working capital; and expansion and upgrading of its IT infrastructure.
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