Apr 2017 Financial News

TTNGL APO coming soon

Apr 26, 2017

Chairman of the National Gas Company Gerry Brooks says that an additional offering of shares in TTNGL will soon be made to the local investing community.

Brooks was delivering remarks yesterday at the second Annual General Meeting of TTNGL held at the Hilton Hotel in Port-Of-Spain.

He said: “The minister of finance has announced an additional public offering and we are very advanced in that process in terms of our discussion with the T&T Stock Exchange and with the T&T Securities and Exchange Commission. It certainly is going to happen in 2017 and very shortly”

Brooks added that the public could look forward to receiving more details about the offering once all the regulatory requirements had been fulfilled

“We are following all the regulations and requirements. Once this is complete we will issue a prospectus which will set out the basis of the allocation, the share price and other relevant information. We will also commence the roadshow as well. We should be able to make an announcement shortly”

Also at the meeting, a resolution was approved by shareholders that would allow the board, at its discretion, to make dividend payments in either TT or US dollars.

Commenting on this resolution, Brooks said: “We stated last year the intention to give serious consideration to the payment of dividends, or part thereof, in US dollars. That was actively considered by our board and the passage of this resolution allows us to change the by-laws to pay either in TT dollars or US denominated currency.”

For its financial year ended 31 December 2016, TTNGL generated total comprehensive income of $344 million, a 14.4 per cent decline from 2015 when the company recorded $402.8 million.

The company, an investment holding company whose primary asset is Phoenix Park Gas Processors Limited (PPGPL), also grew net assets by 6.3 per cent moving from $3.2 billion in 2015 to $3.4 billion in 2016.

Source:
Trinidad Guardian
Wednesday April 26, 2017

http://www.guardian.co.tt/business/2017-04-25/ttngl-apo-coming-soon