CIC gets nod to float Sh5bn bond

September 12, 2014
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The Group’s Chief Executive Officer, Nelson Kuria said the money realised from the bond will be used for business expansion in the region and into the real estate sector and recapitalisation of the subsidiaries/FILE
The Group’s Chief Executive Officer, Nelson Kuria said the money realised from the bond will be used for business expansion in the region and into the real estate sector and recapitalisation of the subsidiaries/FILE
NAIROBI, Kenya Sept 12 – The CIC Insurance Group has received necessary approval from the Capital Markets Authority (CMA) to issue a Sh5 billion bond.

The bond, to be issued in two tranches of Sh3 billion and Sh2 billion, will be listed on the Fixed Income Securities Market Segment at the Nairobi Securities Exchange.

The Group’s Chief Executive Officer, Nelson Kuria said the money realised from the bond will be used for business expansion in the region and into the real estate sector and recapitalisation of the subsidiaries.

“The real estate sector is on an upward curve at the moment, and we also want a share of the pie, our subsidiary business is also starting to gain traction with South Sudan already operational. Plus, we are looking at having Uganda on board by the end of the end of the year,” he said.

The insurer has already acquired 512 acres of land in Isinya, Kajiado County and 200 acres on Kamiti Road, Kiambu County for development.

In South Sudan the Group, which comprises CIC General Insurance, CIC Life Assurance and CIC Asset Management expects to ride on its partnership with the Co-operative Bank of South Sudan to penetrate the market.

Minimum subscription of the bond that will be managed by NIC Capital and Kingdom Securities Limited has been capped at Sh100, 000.

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