Feb 2017 Financial News

Lashley replaces Hospedales as NEL chair

Feb 06, 2017

Retired public servant Jerry Hospedales has resigned as the chairman of National Enterprises Ltd, the state’s publicly listed investment holding company, and he has been replaced by Ingrid Lashley, the managing director of T&T Mortgage Finance (TTMF).

A notice from NEL, posted on the website of the T&T Stock Exchange, stated: “Effective January 27, 2017, Jerry Hospedales resigned from the board of National Enterprises Ltd. On the same day, Ingrid Lashley was appointed to the board of directors and was elected as chair of the board.”

Apart from being the top executive at TTMF, Lashley serves on the board of CL Financial, Clico and Angostura National Enterprises Limited (NEL) is an investment holding company incorporated on August 27, 1999 by the Government.

NEL was formed to consolidate the Government’s shareholding in selected state enterprises and facilitate a public offering on the T&T Stock Exchange.

NEL, which was listed on the local stock exchange in 2001, made two public offerings of shares in February 2001 and in September 2002.

As the state’s investment holding company, NEL has 51 per cent shareholdings in National Flour Mills, Telecommunications Services of T&T and Tringen (Trinidad Nitrogen Company) as well as smaller stakes in Atlantic LNG Train I, Phoenix Park Gas Processors and NEL Power Holdings, which was a company formed to hold 10 per cent of PowerGen acquired from BP.

In 2014, NEL along with the Unit Trust Corporation and the National Insurance Board, formed a consortium to acquire a further 10 per cent stake in Phoenix Park for US$168 million from Pan West. Each of the three local institutional investors have a one-third stake in that investment.

In the six months ending September 30 2016, NEL reported profit after tax of $162.7 million, compared with $174.9 million in the six month period ending September 30, 2015.

Source:
Trinidad Guardian
Saturday February 4, 2017

http://www.guardian.co.tt/business/2017-02-04/lashley-replaces-hospedales-nel-chair