Sep 2013 Financial News

FCB shares begin trading today

Sep 16, 2013

SHARES of First Citizens Bank (FCB) will begin trading today on the TT Stock Exchange (TTSE).

In a brief statement, the TTSE announced that FCB will be listed on the Exchange on Monday and an additional row will be placed these shares.

In August, FCB launched its initial public offer (IPO). Finance Minister Larry Howai spoke about the IPO when he presented the 2014 Budget in the House of Representatives on Monday.

Howai said the IPO was an outstanding success “with the entire issue of 19.3 percent of the total issued share capital of the bank or 48.5 million shares being 3.12 times oversubscribed.” He also said the allocation of 15 percent to individual investors was six times oversubscribed and that allocation was increased to 26 percent.

Howai hinted at future IPOs. Specifically regarding the National Gas Company’s acquisition of Conoco Phillips’ 39 percent shareholding in Phoenix Park Gas Processors, Home Mortgage Bank and the TT Mortgage Finance Company.


Source:
Newsday
Monday September 16 2013

http://www.newsday.co.tt/business/0,183705.html