Last update: 10-Dec-2013 1:42 am
Tuesday, December 10, 2013
Trinidad & Tobago Guardian Online
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Chairman: NEL seeks 3% of First Citizens IPO
The National Enterprises Ltd (NEL) is awaiting approval on whether it can invest in First Citizens initial public offering (IPO). The divestment company is hoping it gets the nod to invest in three per cent of the State-owned bank’s shares. Assuring there was no conflict with NEL investing in the IPO, Kenny Lue Chee Lip, chairman of Nel, said the investment is a “great” one.
“We didn’t fall under entities like Unit Trust Corporation and National Insurance Board, who were given specific allocation. We had to fit in with everybody else. They allocated ten per cent to companies, so ‘we are fighting up’ for a share of that ten per cent. We are competing openly with everyone else.”
He was speaking to T&T Guardian yesterday at a news conference held at the Hyatt Regency Trinidad hotel, Wrightson Road, Port-of-Spain, to celebrate $4 billion in dividend disbursements to shareholders over the last 11 years. Asked what makes the IPO a lucrative investment for NEL, Lue Chee Lip he said the dividends over a long-term period would be beneficial for the company. “Based on the prospectus and the pricing of the shares, the dividends potential is very good.”
Speaking to reporters after the news conference, Finance Minister Larry Howai said NEL is expected to get a response within two weeks. He said it would enhance NEL’s portfolio of investments. “I don’t think it (NEL’S proposed investment in the IPO) should be any issue. I think it would enhance the portfolio that they have right now,” Howai said.
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