Nov 2014 Financial News

Local consortium gets stake in Phoenix Park

Nov 21, 2014

An investment consortium comprising the National Insurance Board (NIB), National Enterprises Limited (NEL) and the Unit Trust Corporation (UTC) yesterday announced acquisition of the equity of Pan West Engineers & Constructors, LLC (Pan West) in Phoenix Park Gas Processors Limited for US$168 million. 

Pan West, a wholly-owned subsidiary of General Electric Capital Corporation (GE) had a 10 per cent stake in Phoenix Park, T&T’s only natural gas processing and NGL fractionation plant.

The company, which was incorporated in 1989 and began production in June 1991, was previously owned 80 per cent by the National Gas Company (NGC), 10 per cent by NEL and 10 per cent by

Pan West. It is now wholly-owned and controlled by statutory and related entities in T&T.

This is the first joint investment as a consortium by NIB, NEL and UTC, leading institutional investors predominantly owned by and managed on behalf of the citizens of T&T.

NIB chairman Adrian Bharath said the transaction “provides an opportunity to strengthen NIB’s Investment portfolio particularly in light of the limited investment opportunities locally.” 

Source:
Trinidad Guardian
Friday November 21, 2014

http://www.guardian.co.tt/business/2014-11-21/local-consortium-gets-stake-phoenix-park