The Nigerian Exchange Limited (NGX) has suspended trading in Guaranty Trust Bank Plc’s (GTBank) shares.
The NGX stated this in a notice to investors on Friday.
According to the notice, the suspension was essential to prohibit trading in the bank’s shares in preparation for the eventual delisting of Guaranty Trust Bank Plc from the Daily Official List of the Nigerian Exchange Limited (NGX) and listing of the Holding Company, Guaranty Trust Holding Company Plc on NGX.
In November 2020, GTB announced that it had obtained the approval-in-principle of the Central Bank of Nigeria (CBN) to commence the formal process of reorganising the bank to a financial holding company.
GTB had also obtained the “no-objection” of the Securities & Exchange Commission (SEC) in connection with the restructuring plan.
Under the restructuring, it is proposed that the issued shares in the bank will be exchanged on a one-for-one basis for the shares in a financial holding company.
Access bank and Sterling bank are the other banks to have indicated intention to form a holding company.
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....