Peter Permell, a minority shareholder rights advocate, was disappointed by the government's allocation of shares of First Citizens Bank. The government allocated 48,495,665 shares, equivalent to 70%, to corporate investors and local institutions.
"I regret to express my profound disappointment with the reported share allocation formula approved by the Minister and his Government in which institutional and corporate investors are afforded preferential treatment or guaranteed 33,946,966 shares, 70 per cent or of the shares to be issued while individual investors who include the Group's hard-working staff, loyal customers and the patriotic citizens of this country will collectively only be eligible for 14,548,699 shares or 30 per cent," commented Permell.
Permell previously praised Finance Minister Larry Howai for making the First Citizen's initial public offering possible. The IPO for First Citizen opened Monday and will close on August 9. The shares were expected to be listed on the stock market on September 16.
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