Opposition, activist call for re-thinking formula for selling FCB shares

PORT OF SPAIN, Trinidad, CMC – The main opposition People’s National Movement (PNM) Monday called on the Trinidad and Tobago government to reconsider the formula used for privatising the state-owned First Citizens Bank (FCB). The FCB launched its initial public offering (IPO) of more than 48 million ordinary shares earlier this month in a move the bank says will be one of the largest single IPO offering in the history of the Trinidad and Tobago Stock Exchange (TTSE). The 48, 495,665 ordinary shares are being sold at TT$22 (One TT dollar=US$0.16 cents) each and will be withdrawn from sale on August 9. The bank says it hopes to raise TT$1.1 billion from the venture to be used to widen its capital base to facilitate future strategic expansion plans.