NIF reappoints directors

The National Investment Fund Holding Co Ltd (NIF) has announced the reappointment of four of its directors.

In a legal notice published on the Trinidad and Tobago Stock Exchange website on March 11, NIF said, "Pursuant to Section 64(1)(b) of the Securities Act, 2012, the directors have been reappointed for a period of two years with effect from March 8."

The reappointed directors are Jennifer Lutchman (chair), Nadira Lyder, Dexter Jaggernauth and Cindy Pierre.

Additionally, Dillon Teelucksingh has been appointed a director for two years, effective March 8.

NIF was incorporated on May 29, 2018, for the purpose of holding and monetising state assets. The intention of NIF was to offer citizens, through public offers, fixed-income bonds to all citizens.

On March 8, NIF announced the overwhelming support and success of its NIF2, a fixed-income bond, with a value of over $1 billion in valid applications.

NIF said the bond received 3,861 valid applications.

"Applications from individual investors amounted to $735.5 million, about 184 per cent of the size of the offer, which amounts to $400 million. Small business entities’ applications were valued at $28.2 million or seven per cent of the offer. Credit unions made applications valued at $302.6 million or 76 per cent of the offer size," the release said.