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
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
In Niger, communities suffer as multi-billion naira Auna Dam project remains uncompleted despite 38 years of investments
In Niger State, the over 20 communities around Auna River have had their hopes for fresh water, electricity supply and...
INVESTIGATION: Years after, 15km Eleme-Onne end of East-West Road remains death-trap despite billions released
In this report, ARINZE CHIJIOKE chronicles the sufferings of road users on the 15km Eleme-Onne end of the East-West Road...
Gaza attacks intensify as 12 Thais, 10 Nepalese killed in Israel
The current violence in Israel has claimed the lives of at least 12 Thai people and 10 Nepalese individuals. Eight...
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...