CIC Insurance gets approval to list on the NSE

CIC Insurance received approval from the Capital Markets Authority on Wednesday to list on the Nairobi Securities Exchange.

The firm will list by way of an introduction, meaning that it is not open to the public and investors interested in buying shares will have to wait until they are floated at the NSE.

The listing, CMA chief executive Ms Stella Kilonzo said, would help to unlock the value of the company’s investment and aid in price discovery.

The approval follows that of Longhorn Publishers which was recently allowed to list through the same method.

“The Authority was satisfied that CIC Insurance Group made adequate disclosure of the material in accordance with requirements of CMA, capital markets (securities), public offers, listings and disclosures regulations, 2002,” she said in a press release.

CIC will list 2,178,195,820 ordinary shares costing a shilling each on the main investment segment of the NSE as part of its mandate to facilitate listing of additional securities in the stock exchange.

The insurance company in January appointed Faida Investment Bank as transaction advisors, Kingdom Securities as sponsoring broker and Deloitte & Touche as reporting accountants and Co-operative Bank as share registrars.