Home' Trinidad and Tobago Guardian : October 27th 2015 Contents A15
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The T&T National Gas Ltd
(TTNGL) has traded $200,000,000
worth of shares in just one week
after the launch of its Initial Public
Offering (IPO) on October 19.
The IPO, which was launched at
a price of $20 per share, is considered
to be the largest in T&T s history. It
was traded in a new sector titled the
Energy Sector on the first tier mar-
ket.Describing yesterday s official
launch, as "momentous," National
Gas Company chairman Gerry Brooks
said the IPO was oversubscribed by
1.77 times when the shares were
offered for sale and that there was an
25 per cent appreciation on the offer
price. The official launch was held at
the stock exchange headquarters at
Nicholas Towers on Independence
Square in Port-of-Spain.
Brooks said: "We firmly believe that
one of the main reasons for the over-
subscription of these shares was the
confidence that the public expressed
in TTNGL s primary asset, its 39 per
cent shareholding in Phoenix Park
Gas Processors Ltd. PPGPL was a key
driver in the attractiveness of TTNGL."
The launch of TTNGL s IPO was
delayed as a result of issues surround-
ing the First Citizens IPO in 2013.
The issues related to former First Cit-
izens chief risk officer Hassan Philip
Rahaman selling 634,588 of the
659,588 shares he purchased in the
bank s IPO. Securities Exchange Com-
mission launched a probe. The SEC s
probe was one of three launched into
the First Citizens IPO. The others
were the bank s internal audit and a
forensic audit that Pricewaterhouse-
Coopers (PWC) was commissioned
to do by then Finance Minister Larry
Concerning the financial stability
of the company, Brooks said it earned
operating income of between $150m
and $325m for the period 2008 and
2014. Addressing the issue of low
energy prices, Brooks said: "The cur-
rent low price environment, coupled
with leaner gas, paints an undesirable
picture....The reality is that T&T ener-
gy revenue in 2015 and 2016 will be
But the future of NGL is bright,
Brooks said, and the company is
exploring the option of constructing
a gas processing facility as one of its
growth strategies. "PPGPL is at an
important stage in assessing the fea-
sibility of constructing a 300
MMscf/d gas processing facility at
Union Industrial Estate to provide
gas processing services, thereby par-
ticipating in the growth of the newest
industrial estate in the country."
Uncertainties in the energy sector
is one of the things which the com-
pany would have to take into con-
sideration when constructing the
gas processing facility, Brooks said.
"Any new plant requires about 36
months. There would be further
clarity as the company progresses.
That plant does not demand a sig-
nificant amount of gas. We have to
look at the economics of it to see if
this makes sense. We have to look
at the integrity around the gas sup-
ply. We can t stay as we are the NGC.
We have to look at how we are going
to change the trajectory of our results
for the benefit of the sector."
He added that the company is
looking at its strategic options in the
African, as well as the South Amer-
ican, markets: "The possibility of
product trading is also on the draw-
ing board as it represents a new
direction for the business and an
opportunity to expand our marketing
research within the region as well."
"Africa is a greater priority at this
stage. We are not ruling out anything
as we are in the early stages of our
strategic evaluation of our options,"
said Brooks, the former chief oper-
ating officer at the ANSA McAL.
Brooks, who was appointed to
chair NGC earlier this month, said:
"NGC is an opportunity to serve the
people of T&T for me its an honour
and privilege and I hope to use all
of the skill, competence, relationships
and goodwill for the people of T&T."
Commenting on the matter which
Energy Minister Nicole Olivierre has
before the Equal Opportunity Com-
mission accusing the company of
racial discrimination, Brooks said the
board and the executive of NGC are
focused on the business issues facing
TTNGL offer a success says NGC chairman
Chairman of the T&T Stock Exchange, Peter Clarke, second from left, presents NGC chairman Gerry Brooks with a
plaque to mark the company's listing on the local stock market at the Nicholas Towers in Port-of-Spain yesterday.
Also in photo is NGC's acting president Maria Thorne, right, and TTSE's CEO Michelle Persad. PHOTO: JEFF MAYERS
Over 100 business leaders from all
over the world are participating in
today's inaugural Caribbean Business
Leadership Forum, which will be held
at the Hyatt Regency hotel in Port-
Speaking yesterday, chairman of
the organising committee for the
forum, Nigel Salina said he expects
business leaders from Nigeria,
Ghana, Tanzania, Europe, Canada,
the United States and Honduras as
well as from the Caribbean.
Some 30 foreign business leaders
will get a chance to network with 95
local executives as well as
participate in four panel discussions
comprising energy, manufacturing,
water and power generation.
"We want to connect countries
and companies to look at
opportunities for infrastructure
development in the Caribbean, Latin
America and the African continent,"
Today's leadership forum will
culminate in a black-tie gala dinner
at the Hyatt, which is being
sponsored by the German company
MAN Diesel & Turbo.
Global business leaders meet
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