GTBank MD, Segun Agbaje
Segun Agbaje, CEO, GT Bank

In a notice sent to the Nigerian Stock Exchange (NSE) today, GT Bank released details of its tender offer. The bank had last month launched a tender offer for $400 million medium term notes.The bank disclosed that it embarked on the offer in order to efficiently manage its debt.

According to Lucid Issuer Services Limited ( agent to the offer),  $123 million of the notes were voluntarily surrendered before the expiration deadline and not withdrawn. The outstanding principal following the offer is $276.9 million. No securities were tendered through the guaranteed delivery procedures prescribed in the tender offer memorandum. Settlement date is October 5, 2017. The bank appointed Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, JP Morgan Securities Plc and Morgan Stanley and Co International Plc as dealer managers to the offer

GT Bank shares closed unchanged at N40  in today’s trading session on the NSE. Year to date, the stock is up  61.94%. For the half year ended June 2017, Gross earnings increased from N209 billion in 2016 to N214 billion in 2017. Profit before tax increased from N85 billion in 2017 to N101 billion in 2017. Profit after tax increased from N71 billion in 2016 to N83.6 billion in 2017. GT Bank had recently announced a closed period for trading of its share by related parties, in preparation for the release of its Q3 2017 results.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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