Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: CIC Submits Listing Application to CMA

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Kenya: Press Releases: CIC Submits Listing Application to CMA

Monday, 30 January 2012

Nairobi, 30 January 2012 --- CIC Insurance Group has submitted its application to the Capital Market Authority (CMA) for approval of its proposed listing at the Nairobi securities Exchange (NSE). The move marks the beginning of CIC Group’s journey to the bourse where it hopes to launch its shares by introduction, subject to the regulators’ approval.

The presentation on Monday, 30 January 2012, followed the suspension of Over The Counter (OTC) trade in CIC shares and official close of the share register, paving way for the share split that was approved at the company’s 33rd AGM in May 2011.

“In effect, all shareholders in the company’s register by 27 January 2012 will qualify and accrue benefits of the split to be executed by the Co-operative Bank Shares Registrars”, said Nelson Kuria, CIC Group’s Chief Executive. Subsequently CIC Group will communicate the resultant and necessary immobilisation process to all shareholders. Share immobilisation is the conversion of physical share certificates (traded over the counter) to electronically held share balances that are traded via the Central Depository and settlement Corporation (CDSC).

The CIC Group shareholders had early last year resolved to increase the insurer’s share capital from KES1.2bn to KES3bn by creating 90m ordinary shares.

CIC hopes to list at the NSE to tap opportunities for capital growth in light of its pan African expansion plans, while accruing gains in shareholder value. “This calls on us to be very focussed in our business in the short and long-term to sustain the impressive performance of the company over the last five years”, added Kuria.

Faida Investment Bank Ltd is the lead transaction advisor with Oraro & Company Advocates and Mboya, Wangongu & Waiyaki Advocates acting as the joint legal advisors and Kingdom Securities as the sponsoring stock broker. Deloitte and Touche will act as the reporting accountants and Co-operative Bank of Kenya Ltd as share registrars.

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