Last update: 13-Dec-2013 2:53 am
Friday, December 13, 2013
Trinidad & Tobago Guardian Online
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Successful listing for First Citizens
Subhas Ramkhelawan is hoping that First Citizens Bank’s (FCB) listing on the Stock Exchange will be as successful as the listing of the Clico Investment Fund earlier this year.
“We are pleased there have been two successful listings on the Stock Exchange so far this year. One is the Clico Investment Fund and the value of trades there by June 30 exceeded the value of trade of all other shares. We want to look forward to another situation with regard to the FCB listing,” he said at a ceremony for the listing of FCB shares on the Trinidad and Tobago Stock Exchange (TTSE). According to the TTSE, 251, 353, 562 ordinary shares from FCB were listed on Monday.
Ramkhelawan also spoke about the prospect of other companies being divested, as was mentioned by Finance Minister Larry Howai in his budget presenation.
“He mentioned National Helicopters, he mentioned Vehicle Maintenance and he mentioned the full divestment of Plipdeco and National Flour Mills (NFM). Plipdeco is owned 51 per cent by the Government and NFM is owned 51 per cent indirectly through National Enterprise Ltd (NEL) by the Government. Those are things that could help and further stimulate the market on the local equities side,” he said. Wain Iton, of the TTSE, said the listing of FCB's shares shows the “depth” of the market.
“We have been lobbying for government divestment of worthy companies for at least six years. This company has been on top of this so I am extremely happy to list FCB. This IPO has underscored that this market has depth,” he said. Peter Permell, minority shareholder rights advocate, told the T&T Guardian hat the first day was a success for the FCB listing. The share price closed the day at $25.30, up by 15 per cent.
“I am very happy for investors, particularly the small individual investors who received 100 per cent of the shares for which they applied up to the first 1,000 shares and many of whom never owned shares previously, since this means they would have already earned a 15 per cent return on their investment in one trading day or $3.30 profit on each share purchased,” Permell said.
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