Forty-eight million First Citizens Shares (FCB) shares will be listed on the T&T Stock Exchange today at a value of $32 each.
The shares represent approximately 19.3 percent of the bank's issued share capital.
Citing Finance Minister Colm Imbert's September 30th, 2016 Budget statement, First Citizens said government “intended to make an offer for an additional sale of its shareholding in First Citizens Bank Limited via First Citizens Holdings Limited. The proceeds from this sale are intended to fund government's fiscal programme.”
Former government minister Jack Warner may potentially lose the Centre of Excellence, Macoya, as First Citizens Bank (FCB) seeks to recover $1.2 million in unpaid overdraft fees from him.
Through a lawsuit filed in March, First Citizens is seeking repayment of the outstanding funds as well as possession of the 26-acre complex in Macoya and a property in Crown Point, Tobago, which were both mortgaged by Warner as security for the overdraft facility.