how was the 1st half year 2010 results compare to H1 2009.
With a eps of 11 and 21M shares addition of extra 20M shares will surely halve the eps to about 6. What other parameters should we consider.

@pkoli.thanks for such info.
A dude is willing to sell almost 10000 shares at ksh45 is it worth?

iam not a shareholder currently as i was not fortunate to get some

Some notes I captured during the Extra ordinary general meeting: if you have the patience then read through.

CIC Extra General Meeting – 17th September 2010 – KICC
Address by the CEO – Nelson Kuria
The CEO gave a historical perspective of the company from the 90s and how the company has since grown to be a major player in the country. His speech was punctuated by biblical quotations;
• In 1994 the Canadian consultant was hired after the company had received aid in the tune of KES 90M from Canada. The consultant concluded that the company will not survive.
• Among the companies that had been declared to be on their way to insolvency, CiC was at the bottom.
• The company went on to pay the foreign shareholders all their debts that had been held in preferential shares.
• In 2004 CiC moved to their new building the Upper Hill.
• This year it is expected to get net earned premiums of the tune of KES 4 billion from last years 2.8 billion.
• CiC holds position number 8 of the total insurance companies in Kenya.
• It is 4th largest insurer in Kenya.
• When the Insurance Regulatory Authority (IRA) raised the share capital to KES 450M, CiC was among the 1st companies to comply. By September 2010 it had raised its share capital to KES 600M. It is currently one of the best capitalized insurance companies in Kenya.
• Cooperative Bank is the largest single shareholder of CiC.
• CiC today is the role model of the Cooperative movement in the World. The only other Cooperative insurer in Africa is in Ghana. It has recently received capital injection, like the one CiC received in 90s.
• The CEO said it is important to capitalize on the current feeling of success to further grow the company.
• Current opportunities for CiC
o Vision 2030
o Growth of the Cooperative movement
o Youthful population – enormous potential
o New constitution – huge untapped potential
• Future belongs to those who plan now; hence CiC revised its strategic plan in August 2010.
• Developed Vision 2030 for CiC – repositioning for the future. If you don’t take change by the hand, it will take you by the throat.
• CiC will not lose its Cooperativeness even as it expands and plan for the IPO in 2013.
• The CEO said that the best days are yet to come and CiC is ready to seize this opportunity. Success is not a destination, but a journey.
• The organization has continued to invest in its employees.
• 2010 has been an impressive year based on the half year results
o Gross premium has grown by 36% over the same period last year
o Investment income has grown by 54% over same period last year
o PBT grown by 27%
Address by the Chairman – Japheth Magomere
The chairman said the decisions for the extra ordinary general meeting have prompted:
o The regulatory requirements
o Emerging markets
o New products
o Regional expansion
o Growth of premium and above requires increased capital to the company.
o CiC intents to operate in Sudan, Tanzania and Malawi in future:

@TUPAC

Many thanks; I struggled with English though, since I was a science person. In meetings I try to capture salient issues.
I do not think 2013 is far, given that 2010 is almost over, they will like to see the performance of different groups in 2011 and may be float the company when they feel its value has been unlocked. I believe there will be a lot of pressure from the Cooperative movement to list earlier. I will be patient with CIC. Remember the guys who bought Coop bank and waited.

@ bartum

I think so. The CEO was very passionate about where he would like the company to be in a few years. Seeing where it came from, it sounds the Equity way. Coupled with the strong Cooperative movement in the country and its symbiotic relationship with Co-op Bank, it is poised to give handsome yields.

The ownership of Coop was a recent development. They must have bought more than Harambee. I believe they should be having about 10% of Class A shareholings now.

cic is different. It is not yet listed and the advantages that accrue with listing are so huge that I cannot avoid getting in given a chance. You get to multiply ur wealth by more than 100 times among other benefits.

Hmmm pbt of +27%. Hmmm jub still has a leg up on this

I see ten times in about 2 years given the current prices are extremely undervalued. The funds from the rights issue if well utilized, and their expansion program should also lift the stock value much higher