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Sunday 20 June 2021
HomeAfricaNigerian bank shares for London Stock Exchange listing

Nigerian bank shares for London Stock Exchange listing

The shares of Guaranty Trust Bank Plc, one of Nigeria’s leading banks, will be listed on the London Stock Exchange Thursday through the Global Depository Receipts (GDR) listing, the bank said in a statement here Wednesday.

The GDR gives opportunity for dual listing and, under the arrangement, shares of the bank will be traded simultaneously on the Nigerian Stock Exchange and the London Stock Exchange.

About 3.80 billion shares of the bank will be listed on the London Stock Exchange at a rate of US$11.20 per unit

The bank said the listing on the London Stock Exchange would provide equal rights and gains to new and old shareholders, adding that existing shareholders on the Nigerian stock Exchange would have equal voting rights, dividend bonuses and capital gains like the new investors through the GDR.

It said the GDR would afford Nigerian investors opportunity to invest in a larger and more efficient market operated on global best practices of admission, valuation and trading securities.

The bank said the GDR listing would also provide Nigerian investors the opportunity to hold dollar-denominated securities, in addition to giving them a unique opportunity to expand their investment portfolio beyond naira-denominated securities by buying into international securities.

Deputy Director General of the Nigerian Stock Exchange, Musa Ilakama, said the Guarantee Trust would become the first Nigerian bank to list GDR shares.

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