Jan 2015 Financial News

Howai: Phoenix Park IPO likely by April

Jan 17, 2015

The Phoenix Gas Processors’ initial public offering (IPO) should be ready by April, Finance Minister Larry Howai told the T&T Guardian. “The timeline still needs to be firmed up but my estimate is by April as the audit has to be completed, the IPO document has to be revised and the Securities and Exchange Commission (SEC’s) approval has to be obtained,” he said. Howai said an independent firm of accountants will be used for the process.

“We have amended the allocation formula and shall be using an independent firm of accountants to assist with managing the issue process,” he said. On Thursday, Prime Minister Kamla Persad-Bissessar said the IPO had been approved at the weekly Cabinet meeting. A week earlier, in an address to the nation, she had identified the Phoenix Park IPO as one of the means her Government would use to raise revenue following a $7.4 million budgetary shortfall caused by falling oil prices.

There was a sharp rise in oil prices yesterday after the International Energy Agency predicted drillers would reduce production this year and that lower prices would draw demand for crude. West Texas Intermediate (WTI), which is within the price range of T&T’s light sweet crudes, jumped US$2.44, or 5 per cent, to close at US$48.69 a barrel.

Source:
Rapheal John-Lall
Trinidad Guardian
Saturday January 17, 2015

http://www.guardian.co.tt/business/2015-01-17/howai-phoenix-park-ipo-likely-april