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Guaranty Trust Bank Plans $30mn Share Placement
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28.07.10
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| Guaranty Trust Bank said on Monday it was considering a proposal from the International Finance Corporation (IFC) to buy up to $30 million worth of new shares in a private placement.
GT Bank said in a statement it was giving "serious consideration" to the proposal from the IFC, the World Bank's private sector lender, and that it would convene a shareholders' meeting if its board approved the move.
"Subject to shareholder approvals being obtained, the bank shall file formal applications with respect to the placing as soon as practicable," the statement said.
GT Bank said the proposal did not constitute a tender offer to purchase issued shares from existing shareholders. It gave no details on how many shares would be issued in the placement.
GT Bank is one of the top five lenders by assets in sub-Saharan Africa's second biggest economy and has said it plans to raise capital from time to time over the next few years to enhance its funding and lending capabilities.
It completed a $90 million naira-denominated bond placement at the end of 2009, Nigeria's first corporate debt issue in years, and successfully issued $350 million of 5-year Eurobonds in January 2007.
Source: Reuters |
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