The CLICO Investment Fund was listed on the Trinidad and Tobago Stock Exchange priced at $25 per share on Monday 7 January but ended the day at $24.90.
The symbol for the Fund is CIF and it is being traded in the Mutual Fund Market.
The Fund, which was created as part of measures announced by Finance and the Economy Minister, Larry Howai in his national budget presentation on October 1, seeks to compensate CLICO and British American Trinidad investors and policyholders.
Investors and policyholder who received 11- to 20-year bonds in the compensation package from government are then able to convert those bonds into units in the CIF. The market capitalisation of the CIF is estimated at $5.25 billion, which would further increase the market capitalisation of the local stock exchange.
Part of the fiscal incentives for the Fund is government’s proposal to implement a waiver of the stamp duty on the transfer of shares. Dividends or other distributions paid to resident investors of the fund will be tax exempt, as well as the profits accruing to the Trust. The Fund began the day’s trading with 204 million units.
