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Imbert: NIF IPO in July
Government will launch the National Investment Fund (NIF) prospectus for sale of assorted CL Financial assets at the end of June with a closing date at end of July, Finance Minister Colm Imbert revealed yesterday at the weekly post-Cabinet media briefing.
He said the NIF implementation team met Wednesday.
During the recent mid-year review, Imbert announced the NIF as the vehicle for an initial public offering (IPO) of assets from CL Financial, including shares in Republic Bank, OCM, Witco, Angostura and Home Construction.
Yesterday, he said Government was targetting the end of June or beginning of July to issue the prospectus which will provide information on the IPO, including various equities and securities in the fund, information on the dividends it is expected to yield and price levels.
Imbert said the process involved getting approval from the Securities and Exchange Commission for the prospectus.
Once that is done, the offer can then be launched, with time for investors to make bids.
He expects to close the transaction and distribute shares by the end of July and is forecasing that the IPO will be oversubscribed.
The minister said Moody’s recent pronouncement on T&T’s economy was simply their opinions and it was a fact that revenue collection has increased with more income expected from NIF’s public offering.
Imbert said also that proposed legislation for the T&T Revenue Authority will be laid in Parliament either today or Monday.
While the Bill requires a special majority vote from the Opposition for passage, he said Government had obtained such support for recent insurance and FATCA legislation, “so you never know.”
Reiterating developments from the Prime Minister’s recent China trip, he said Cabinet had approved the proposed industrial estate at Pt Lisas which will involve ten Chinese businesses.
He said construction is expected to begin this year at a cost of $104 million.
The project will provide jobs with an estimated 60 per cent of local labour involved in construction.
It will be spearheaded by Beijing Construction Group on five million square feet of land with a plant comprising 25 million square feet.
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