First Cit­i­zens Group has con­firmed that its re­cent Ad­di­tion­al Pub­lic Of­fer­ing of 10,869,565 of its shares owned by the Gov­ern­ment was sig­nif­i­cant­ly over­sub­scribed.

In a no­tice to the Trinidad and To­ba­go Stock Ex­change on Mon­day, First Cit­i­zens stat­ed, “The of­fer for sale re­ceived 6,698 suc­cess­ful ap­pli­ca­tions for 16,865,007 or­di­nary shares for a to­tal val­ue of $843,250,350.”

The com­pa­ny de­tailed the suc­cess­ful ap­pli­ca­tions by in­vestor type.

In­di­vid­ual In­vestors ac­count­ed for the largest por­tion of shares sold with 5,364,614 or 49.35 per­cent of the of­fer­ing head­ing their way.

Reg­is­tered pen­sion and oth­er trust funds, cred­it unions and co­op­er­a­tives, and the Na­tion­al En­ter­pris­es Lim­it­ed re­ceived the sec­ond high­est num­ber of shares with 1,874,019 or 17.24 per­cent of the of­fer­ing, while reg­is­tered mu­tu­al funds in­clud­ing the Trinidad & To­ba­go Unit Trust Cor­po­ra­tion se­cured 1,200,497 of the share on of­fer or 11.05 per­cent of the of­fer­ing.

Ap­pli­cants through NIBTT and oth­er na­tion­al in­sur­ance schemes of oth­er coun­tries re­ceived 1,086,957 shares, ac­count­ing for 10 per­cent of the of­fer­ing

800,000 shares were sold to in­vestors via the Em­ploy­ee Share Own­er­ship Plan (ESOP) which ac­count­ed for 7.36 per­cent of the shares sold while oth­er com­pa­nies ac­quired 543,478 shares or 5 per­cent of the of­fer­ing.

First Cit­i­zens said the trans­fer of these or­di­nary shares from First Cit­i­zens Hold­ings Lim­it­ed to the in­vestor ac­counts is pro­posed for Au­gust 30, 2022 sub­ject to ap­proval by the Trinidad and To­ba­go Stock Ex­change and the Trinidad and To­ba­go Cen­tral De­pos­i­to­ry.

In Ju­ly Fi­nance Min­is­ter an­nounced the APO had been over­sub­scribed in a so­cial me­dia post.

He said then, “In June 2022, First Cit­i­zens Bank launched an Ad­di­tion­al Pub­lic Of­fer­ing of 10,869,565 of its shares owned by Gov­ern­ment at $50/share. De­spite the best ef­forts of mis­chie­vous re­porters and ma­li­cious op­po­si­tion politi­cians, the FCB pub­lic of­fer­ing has been over­sub­scribed by $100M!”

Ap­pli­cants from In­di­vid­ual In­vestors, Em­ploy­ee Share Own­er­ship Plan (ESOP), and Reg­is­tered mu­tu­al funds in­clud­ing the Trinidad & To­ba­go Unit Trust Cor­po­ra­tion re­ceived 100 per­cent of their ap­pli­ca­tion while reg­is­tered pen­sion and oth­er trust funds, cred­it unions and co­op­er­a­tives, and the Na­tion­al En­ter­pris­es Lim­it­ed re­ceived 30.03 per­cent of their ap­pli­ca­tion.

NIBTT and oth­er na­tion­al in­sur­ance schemes of oth­er coun­tries ap­pli­cants re­ceived 60.39 per­cent of their ap­pli­ca­tion.