Ryan Hamilton Davis
First Citizens’ Bank (FCB) has announced that all trading in “First” stock will be suspended for three days as it delists its shares as part of the process to change its corporate structure.
FCB explained in a Monday statement that on June 30, FCB shareholders approved a legal corporate restructuring in which the bank would no longer be the holding company for its shares but would instead be a subsidiary of a new holding company, First Citizens Group Financial Holdings (FCGFH) Ltd.
Shareholders would hold the same shares at the same values, but the holding company would be listed on the TT Exchange and the bank’s shares would be delisted.
“We advise that all necessary regulatory approvals have been received for the legal structure of the business to take place,” he said.
“The suspension has become necessary to allow the settlement of all pending transactions in “First” shares, the movement of all shareholder accounts and holdings of First to FCGFH, the listing of FCGFH shares and the delisting of shares of the Bank.”
The bank said trading would resume on Oct. 18.