National Insurance Corporation Ltd
Tel: +256(0)41 258001/5, | Fax: +256(0)41 259925
E-mail: nic@nic.co.ug | Web: www.nic.co.ug
Location: Plot 3 Pilkington Road, Kampala, Uganda Postal Address: P.O. Box 7134, Kampala, Uganda  NIC lists 800 million new shares National Insurance Corporation (NIC) has listed 819,661,942 new ordinary shares on the Uganda Securities Exchange, giving the public the opportunity to make more wealth through shareholding and cash by selling of shares.The listing now brings the total number of NIC shares listed on Uganda Securities Exchange to 1.415`billion shares. Speaking during the listing ceremony at Uganda Securities Exchange in Kampala, the managing director of NIC, Mr Folayan Bayo, said: “This is a milestone and a great achievement for both the company and investors because the wealth that was put in the company by the shareholders has more than doubled through this corporate action by NIC management.”Mr Bayo added that the listing of the bonus shares is a fulfillment of the board’s long-term commitment to increase shareholder value, pointing out that investors benefit from bonus issues through future growth of the company. Read more ▪ NIC bonus shares approved Insurance service provider National Insurance Corporation (NIC) has been given a green light for the bonus issue that seeks to raise more capital and strengthen its financial muscle.The approvals from the Capital Markets Authority and the Uganda Securities Exchange (USE) received, will see the insurer issue 819,661,942 new ordinary shares of Shs5 each instead of a cash dividend, to recapitalise its earnings.This will increase the firm’s issued and fully-paid shares to 1,415,799,718.The company’s managing director, Mr Folayan Bayo, said in a media statement that with the approvals, the company’s issued and fully paid up capital increased by Shs4.09 billion from Shs2.98 billion to Shs7.07 billion.This is expected to strengthen the company’s capital base, improve liquidity of NIC shares at the USE and ensure its continued compliance with regulatory requirements.Read more ▪ NIC applies for bonus issue to raise capital, improve liquidity National Insurance Corporation, an Insurance and risk management services provider, has applied for regulatory approval to get a bonus issue as it moves to beat the October minimum paid-up capital requirements set by the Insurance Regulatory Authority (IRA).A bonus issue refers to an offer of free additional shares to existing shareholders. Subject to the Capital Markets Authority (CMA) and Uganda Securities Exchange approvals, the firm intends to issue 819,661,942 new ordinary shares of Shs5 each instead of a cash dividend to recapitalise its earnings.The insurer’s managing director Mr Folayan Bayo, in a media statement said if approved, the bonus issues will increase the company’s issued and fully paid up capital from Shs2.98 billion to Shs7.07 billion thereby strengthening the company’s capital base, improve liquidity of NIC shares at the USE and ensure the company’s continued compliance with regulatory requirements.Read more ▪ NIC intends to cross list shares on Nairobi Stock Exchange National Insurance Corporation Limited (NIC) plans to float its shares at the Nairobi Securities exchange for the first time as a means of improving the value of individual shares.NIC will become the second Ugandan firm to cross-list on the Nairobi bourse after UMEME, a power utility, was cross-listed last year. The move to cross-list on the Nairobi bourse was announced by the board of directors during the 13th Annual General Meeting of shareholders held in Kampala.“We are going to start on the approval process of the various bodies in Uganda and Kenya, said Mr Bayo Folayan, the managing director of Nic. Mr Bayo said the insurance company will widen that market for its shares thus increased demand. Read more ▪ National Insurance Corporation Limited (NIC) plans to float its shares at the Nairobi Securities exchange for the first time as a means of improving the value of individual shares.NIC will become the second Ugandan firm to cross-list on the Nairobi bourse after UMEME, a power utility, was cross-listed last year. The move to cross-list on the Nairobi bourse was announced by the board of directors during the 13th Annual General Meeting of shareholders held in Kampala.“We are going to start on the approval process of the various bodies in Uganda and Kenya, said Mr Bayo Folayan, the managing director of Nic. Mr Bayo said the insurance company will widen that market for its shares thus increased demand. Read more ▪ NIC seeks to cross list on Nairobi Stock Exchange National Insurance Corporation (NIC) is seeking to cross list on the Nairobi stock market. This is one of the recommendations to be decided by the share - holders on June 26, 2014 during the company’s annual general meeting (AGM) in Kampala. The company is seeking that the directors be allowed to initiate the cross listing process. If successful, the local insurer will be among the few Ugandan entities that have moved across borders. Power distributor Umeme has also cross listed on the Nairobi stock exchange. Cross-listing would allow for more involvement of other potential investors from the more liquid stock market in Kenya. Andrew Muhimbise, an investor, believes it is a good move and more local entities seek movement across borders. Listed companies last week rushed to file their full year results as the mandatory first quarter period ended. NIC and Uganda Clays (UCL) posted their results yesterday, showing a mixed bag of fortunes. Generally, all listed sectors have posted a reduction in profits from banking, insurance and media. NIC posted lower profits of sh2b after tax from the sh3.5b earned in 2012. Read more ▪ NIC to list 192 million shares The National Insurance Corporation (NIC) will list 192 million on the stock market Friday following the completion of the rights issue. The shares derived from NIC’s right issue offer carried out at the end of 2013 will be one of the bigger corporate actions that took place in 2013 alongside Bank of Baroda’s bonus offer. During its annual general meeting in 2011, shareholders agreed to have a rights issue as a means of generating additional share capital. Crested Stocks and Securities are the sponsoring brokers. Joseph Kibuuka of Crested Stocks explained that of the 323 million shares on offer, 274 were paid for. “The 78 million (balance) will remain paid for but unalloted until Corporate Holdings Ltd. (IGI’s holding company) change their memorandum,” said Kibuuka. Read more ▪ NIC predicts 30 per cent profit jump for 2014 National Insurance Corporation is seeking Shs 8.4bn by inviting shareholders to either buy more shares or sell their rights.Nigerian firm Industrial and General Insurance Company Ltd (IGI) owns 60 per cent of the company.The public owns the remaining 40 per cent. The shares are on offer at Shs 26 per share and four shares for every five shares currently owned. It opened on November 22 and closes on December 13, 2013. The company projects a 30 per cent increase in profit after tax for 2014. Read more ▪ Uganda’s NIC in plan to cross-list at Nairobi bourse Uganda’s National Insurance Corporation (NIC) has announced plans to cross-list at the NSE, which could make it the second firm from the neighbouring country to have its shares trade on the Nairobi bourse after power distributor Umeme.The Uganda Securities Exchange (USE) listed insurer is seeking to increase liquidity of its stock by taking advantage of robust trading at the Nairobi Securities Exchange (NSE) compared to the Kampala stock market. Read more ▪   Nigerian insurer to take up share of Uganda’s NIC $3.3m rights issue The main shareholder of Uganda’s National Insurance Corporation (NIC) plans to take up its stake in a rights issue. Industrial and General Insurance Company Limited (IGI) of Nigeria which owns 60 per cent of NIC through Corporate Holdings Limited has said that it intends to take up the rights which it is entitled to.According to the Uganda Securities Exchange (USE) listed company’s information memorandum, a minimum of 40 per cent of the rights issue or 129.24 million of the 323.1 million shares on offer must be accepted for the cash call to be declared a success.This gives the cash call which will be open through December 13, very high chances of realizing its goal. Read more ▪ NIC to get Sh8.4 billion from Rights Issue The National Insurance Corporation managing Director, Folayan BayoNational Insurance Corporation Limited (NIC) has announced that its rights issue will open on Nov. 22 and close Dec. 13 in a bid to raise Shs 8.4 billion to increase its capitalization.Read more ▪ |