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Kenya

CIC gets nod to list on bourse

NAIROBI, Kenya, May 16 – The CIC Insurance Group has been cleared by the Capital Markets Authority (CMA) to list by introduction on the Nairobi Securities Exchange (NSE).

The insurer will list 2,179,615,440 ordinary shares at Sh3.50 each on the Main Investment Market Segment.

The group has opted to list by introduction to give its individual investors the opportunity to trade their shares, while safeguarding their wealth from the current bear run at the NSE.

Currently, the company has a total of 3,878 shareholders comprising Co-operative Insurance Society Limited (CIS) as its strategic shareholder with 74.3 percent and individual investors constituting the remaining 25.7percent.

CIC Insurance Group recently announced future plans to expand into East and Central Africa region starting with Rwanda and South Sudan, where the firm plans to partner with the local co-operatives and other organisations.

The group CEO Nelson Kuria said discussions with domestic and international partners are ongoing to identify viable business opportunities in the region as the insurer also set its eyes on the lucrative real estate sector.

Faida Investment Bank Ltd is the lead transaction advisor, Oraro & Company Advocates and Mboya Wang’ong’u & Waiyaki Advocates are the joint legal advisors, and Kingdom Securities the sponsoring stock broker.

Deloitte are acting as the reporting accountants and the Co-operative Bank of Kenya Limited as share registrars.

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