The Cooperative Insurance Company, CIC Insurance Group, has announced plans to list shares on the Nairobi Securities Exchange.
The company recently received approval from the market regulator the Capital Markets Authority, CMA, to issue 2.1 billion ordinary shares on the main investment market segment of the NSE for KES 3.50 each.
The shares will be listed by introduction to give its current shareholders the opportunity to trade their shares while safeguarding their wealth in the company from possible drops in value as in the case with a normal initial public offering. The group currently has 3,878 shareholders comprising of Co-operative Insurance Society Limited that owns 74.3% of the company’s stock and the rest is held by individual investors.
The company has announced plans to expand into the wider East and Central African region with Rwanda and South Sudan as their first targets.