Stock Market News
Investors have oversubscribed to the National Investment Fund second offering, it was oversubscribed by 160% and it is projected to cross 170%.
As of mid-February the total applications for the $400M available in NIF2 bonds had crossed $1 Billion inclusive of more than $700M in applications from a total of 3644 individual investors.
NIF-the second public offering was designed to provide all citizens with a safe and high value investment instrument using the assets acquired from Clico.
The fund was offered to investors at an interest rate of 4.5% per annum.
According to the Minister of Finance Colm Imbert, The success of NIF2 is a vote of confidence in NIF and in the government’s management of the assets acquired by the Government in return for the money spent in Clico bailout.
Since its inception, NIF has paid all semi-annual interest due on all NIF bonds on time and it has also paid bondholders in full for the first five-year series-A NIF bonds when they matured in August 2023.
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Unit Trust Corporation
For nine months ending September 2023, the Unit Trust Corporation recorded overall net income of $52M compared to $69M for the same period September 2022.
Despite the poor results, its Chairman, Jo-Anne Julien says the lower reported result was substantially due to higher operating expenses and an increase in the price guarantee provision.
Looking at the group’s expenses it increased year over year by $8M due to the timing of when expenses were incurred in each respective period as well as the business development costs associated with the Corporation’s regional expansion initiatives.
She tells investors to continue to invest as the Growth and Income Fund provides a Capital guarantee for unitholders who remain invested for a minimum of three years.
What is clear is that the increase in cash income enabled the UTC to maintain its focus on paying distributions to its investors which amounted to TT $195M in 2023 and an increase to TT $28M or 17%.
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Eight students with their academic goals aimed at studies around the Sustainable Energy Sector will benefit from student bursaries with a total value of $40,000.
The purpose behind distributing bursaries is that the bank wants to empower deserving students through financial assistance and also wants to promote academic excellence.
According to the statement making the announcement, some of the criteria include students must be citizens of T&T possess a GPA score or 2.5 and above and be enrolled in studies related to Renewable Energy.
Cluster Manager, Nadine Harding Mohan says, “First Citizens continues to emphasize the importance of investing in Education and this partnership symbolizes the positive change that can be achieved through strategic alliances the Corporate sector and Educational institutions.”