recognition ceremony: Larry Nath, right, First Citizens Group CEO, presents a commemorative plaque to K Michael Daniell, CLICO Trust Corporation chairman, following yesterday’s Stakeholder Recognition ceremony at Trinidad Union Club.

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First Citizens shares launch set for June

By Carla Bridglal carla.bridglal@trinidadexpress.com

The long-awaited First Citizens initial public offering of shares to the Trinidad and Tobago Stock Exchange will launch at the end of June, and is expected to be completely up-and-running by July.

The State-owned financial services group will offer just under 20 per cent of its total share holdings to investors through approximately 48 million share units. 

The total asset base of the group is $6 billion.

The price per unit is still being finalised, but it is expected to be worth at least $1 billion. 

“It is expected to be the largest IPO of any company in Trinidad and Tobago,” First Citizens Investment Services general manager Jason Julien told the Express yesterday at a breakfast meeting for the Clico Investment Fund at the Trinidad Union Club, Nicholas Tower, Port of Spain. 

He said the group was awaiting a final Cabinet decision on the final stock price, but it should be released to the public within two weeks. 

Julien said the company got Cabinet to agree to a situation where the individual investor will not have to compete with an institutional investor.

“In a case where the IPO may be oversubscribed, (various investors) will be guaranteed an allocation,” he said. 

Allocations are distributed so that 15 per cent of the issues will go towards the staff of First Citizens, 15 per cent towards T&T citizens, and the remaining 70 per cent will be divided between various corporations and mutual funds. 

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