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Financial News

Jan 2015 Financial News

Phoenix Gas Ltd 100 per cent nationally owned

Jan 08, 2015

ISSUES which affected the First Citizens’ Initial Public Offering (IPO) will not be replicated in the Phoenix Park Gas Processors Ltd IPO that is expected to take place in a few months.

This is according to Minister in the Ministry of Finance Rudranath Indarsingh, who said yesterday the recent investments by the Unit Trust Corporation (UTC) and other companies in PPGPL was a good sign for potential investors.

Indarsingh was speaking at the official opening of PPGPL’s administrative office at Rivulet Road, Couva.
Last November, a ten per cent shareholding in PPGPL was purchased by a local consortium, comprising the National Enterprises Ltd (NEL), the Unit Trust Corporation and the National Insurance Board which made the company 100 per cent nationally owned with the National Gas Company (NGC) holding most shares.
By July 21, PPGPL’s shares will be offered to the market through a subsidiary company of the National Gas Company (NGC) called Trinidad and Tobago NGL Ltd (TTNGL). TTNGL will have two classes of shares — Class A, held by NGC of 38,700,000 and Class B shares being 116,100,000 of which 75,852,000 would be available in the IPO.

There is a proviso that Class A shares can be later converted to Class B shares.

 

Source:
Trinidad Express
Thursday January 8, 2015

http://www.trinidadexpress.com/business/Phoenix-Gas-Ltd-100--per-cent-nationally-owned-287865531.html