First BanCorp announced Thursday — at the request of the New York Stock Exchange — that it is not aware of any developments that would account for the market activity in the corporation’s common stock today.
First Bank’s parent company’s stock had surged by 13.4 percent to $7.18 by midday trading, maintaining the momentum it has been gaining since announcing a 1-for-15 split of its common shares effective Jan. 7.
Through the transaction, the bank reduced the number of outstanding shares of common stock from approximately 320 million to some 21 million. The move was done in an effort to improve its chances to remain listed on NYSE and improve its finances.
First BanCorp was already under surveillance, as it had been trading at less than the mandatory $1 per share minimum NYSE requirement.
Its unusually high trading volume in recent weeks had sparked talks of a possible sale. However, the company has not addressed the issue publicly.
Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.
“This project not only represents a significant investment in our island’s tourism infrastructure, but also symbolizes Puerto Rico’s ability to attract and execute large-scale projects.
The Investment Portfolio Program, with a budget of $800 million, plays a crucial role in offering loans with favorable terms for the development of projects that have the potential to transform the Puerto Rican economy.”
— Puerto Rico Housing Secretary William Rodríguez regarding the construction of a $77 million dual-branded hotel project in San Juan’s Convention Center District, featuring Hilton’s Hampton and Homewood Suites.
The project by PRISA Group includes a 400-vehicle parking structure and a 175,000-square-foot hotel tower, financed by Banco Popular and a $10 million federal disaster recovery loan from the Economic Development Investment Portfolio Program managed by the Department of Housing.