Finance Minister Larry Howai said yesterday that changes will be made to the allocation formula for the Phoenix Park Gas Processors initial public offering (IPO) as a result of the significant issues raised by the Phillip Rahaman affair.The First Citizens board dismissed Rahaman as the bank's chief risk officer last week, stating that it had lost confidence in him.
Speaking to reporters during a break in the Eastern Credit Union's 40th annual general meeting (AGM) at the La Joya Sporting Complex Facility in St Joseph, Howai said the Ministry of Finance officials had gone through the allocation procedure for the upcoming IPO, but were checking again to make sure everything was okay before it was sent to Cabinet. Howai said a draft prospectus for the Phoenix Park IPO was sent to the SEC for review and should be ready within the next month.
He said Cabinet may wish to see all the First Citizens issues sorted out before moving on to Phoenix Park.Howai said Phoenix Park was a very strong, cash-rich company and would be the first standalone, downstream energy company on the local stock market.The Finance Minister said he was "really keen" to see it on the market and thinks it will do very well.