Guaranty Trust Holding Company Plc (GTCO) has officially completed the cancellation of its Global Depositary Receipts (GDRs) listing on the London Stock Exchange (LSE). The delisting became effective at 8:00 a.m. London time on July 31, 2025, marking a significant milestone in the company’s capital markets strategy. This move follows GTCO’s decision to transition from a GDR structure to a direct listing of its ordinary shares, aimed at improving liquidity and aligning its international identity with its well‑recognized domestic brand.
Following the cancellation, GTCO also confirmed that its ticker symbol on the London Stock Exchange will change from “GTHC” to “GTCO” effective August 1, 2025. The change is designed to unify the company’s branding across all markets and simplify investor recognition globally. This development comes after GTCO successfully applied for a secondary listing of its ordinary equity shares in London under the Financial Conduct Authority’s “Equity Shares (International Commercial Companies Secondary Listing)” category.
The decision to delist its GDRs was influenced by persistently low trading volumes under the GDR structure and a strategic shift toward offering a more accessible platform for investors. With the new listing structure, GTCO anticipates enhanced trading activity, streamlined capital management, and broader participation from both institutional and retail investors.
This transition also underscores GTCO’s dual‑listing strategy, as it strengthens its presence on both the Nigerian Exchange (NGX) and the London Stock Exchange. The company becomes the first West African financial institution to simultaneously list ordinary shares on both exchanges, a move expected to deepen its global investor base and reaffirm its international positioning.
In addition to the delisting and ticker update, GTCO recently concluded a $105 million share issuance, raising approximately 2.29 billion ordinary shares through a fully marketed offering supported by institutional investors. Proceeds from this raise will contribute significantly to the recapitalization of its flagship subsidiary, Guaranty Trust Bank Nigeria, in line with the Central Bank of Nigeria’s mandate requiring banks with international licenses to hold a minimum capital base of ₦500 billion by March 2026.
To facilitate the transition, GDR holders were required to submit their Form of Election by July 23, 2025, opting either to receive Depositary Interests (DIs) traded via the London CREST system or to transfer their holdings as ordinary shares credited through the Nigerian Central Securities Clearing System (CSCS). The company confirmed that all eligible investors would receive their shares or DIs within five business days of the delisting.
GTCO’s move from GDRs to direct share listing on the LSE reflects its long-term vision of simplifying its capital market structure, boosting liquidity, and positioning itself as a stronger contender in global financial markets. By aligning its listing strategy with global best practices and reinforcing its brand identity, GTCO has taken another decisive step toward becoming a leading African financial powerhouse with seamless access to international capital pools.
This development is expected to benefit shareholders through improved trading flexibility, increased market visibility, and more efficient cross-border share transfer mechanisms. As GTCO continues to pursue its dual-listing strategy and recapitalization efforts, it sets a precedent for other African financial institutions seeking to expand their international market presence while maintaining a robust domestic footprint.
