NIC in Uganda Offers Shares

Insurance company, National Insurance Corporation (NIC) Limited shareholders last week unanimously approved the issuing of 819,661,942 new shares.

These are worth Ush20,491,548,550- at the current market price as bonus shares to shareholders who were on the register by June20, 2014.

The bonus shares shall be allotted in the ratio of 11 new shares for every eight shares held by the shareholders respectively on that day, and such new shares shall rank pari passu (with an equal step” or “on equal footing) for all purposes with existing issued shares of the Company.

NIC shareholders approved the bonus issue during the Company’s 13th Annual General Meeting held at the Golf Course Hotel, Kampala. According to the company, the bonus shares issued to shareholders is in appreciation for their loyalty to the NIC stock.

Dr. Aliker whilst presenting the Company’s 2013 Annual Report and Accounts, on behalf of the Chairman Mr. Remi Olowude, said that the Company’s Premium increased in 2013 by 22% from Ush7.827billion recorded in 2012 to Ush9.521billion as at 31st December, 2013.

Total Assets also grew by 3.6% from USh82.053 billion in 2012 to USh85.036 billion in the year under review. Similarly, Underwriting Profit increased by 34% from USh4.360 billion in 2012 to USh5.485 billion in 2013.

The Shareholders’ Fund also grew from Ush24.123billion recorded in 2011 to Ush26.611billion in 2013.

Source : East African Business Week

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