Apr 2017 Financial News

FCB counting up share purchases

Apr 11, 2017

Staff of First Citizens Bank, the majority state-owned commercial bank, tabulated the applications that have been submitted by individual and institutional investors for the additional public offering (APO) of 48,495,665 shares in the company issued by First Citizens Holdings Ltd, the vehicle through which the Government holds its shares in the bank, yesterday.

The initial closing date of the offer was March 24, but in a statement issued on March 21, First Citizens said the government had agreed to extend the offering by two weeks to April 7. The extension of the offer was due to “the significant level of interest and enquiries received by public servants who are due to receive back pay,” according to the First Citizens statement.

The offering of shares, which were sold at $32 each, is meant to generate $1.5 billion, which the government will use to support the national budget for the 2017 fiscal year. If the additional offering is fully subscribed, the percentage of ordinary shares held by First Citizens Holdings Ltd would decline from 193.98 million to $145.48 million shares. In effect, the government’s shareholding in the bank would be reduced from 77.18 per cent to 57.88 per cent.

Source:
Trinidad Guardian
Tuesday April 11, 2017

http://www.guardian.co.tt/business/2017-04-11/fcb-counting-share-purchases-0