FCB trading suspended amid corporate structure change-up

First Citizens Bank, Independence Square, Port of Spain. – File photo

First Citizens’ Bank (FCB) announced that all trades in “First” shares will be suspended for three days, as it delists its shares on the stock exchange in the process of changing its company structure.

FCB explained in a release on Monday that on June 30, FCB shareholders approved a corporate legal restructure where the bank would no longer be the holding company for its shares but would instead be subsidiary of a new holding company, First Citizens Group Financial Holdings (FCGFH) Ltd.

The shareholders will hold the same shares at the same values, but the holding company would be listed on the TT Stock Exchange and the shares in the bank would be delisted.

“We advise that all necessary regulatory approvals have been received for the corporate legal structure to take place,” it said.

“The suspension has become necessary to allow for the settlement of all outstanding trades in “First” shares the movement of all shareholders’ accounts and the shareholdings from First to the FCGFH, the listing of the shares of FCGFH and the delisting of the shares of the bank.”

The bank said trading will resume on October 18.