Ask Suntra, they have been doing a lot of OTC trades. You may also ask African Alliance

@2010: You will not be able to transact before the rights issue. The share registrars (Coop Bank) are not effecting any transfers starting this week.

@PKoli: Agree with you and I hope the Coop Bank guys (I understand the company secretary is one of them) will inject some professionalism in that Board. Hopefully Kuria can steer this process unabated!

Today's advert by CIC does not give any full details. It is not saying how long the rights will take, when the registers will close and whether only current shareholders of CIC will be offered the shares.

A very small advert entitled ' Notice to shareholders; closure of register'

..The Board wishes to announce:

.The closure of of the register of Members for a period of 30 days from 28th October to 26th November 2010.
. The company will conduct a Rights issue of shares to the shareholders of the company.

..That provisional alllotment letters will be send to shareholders through their respective addresses.
...Duly completed provisional allotment letters together with payment should be returned to the nearest Coop bank branch or CIC branch.

In the extra ordinary general meeting they talked about selling the shares to other sacco members who are not current shareholders.

They have not indicated that the rights will run for a period of 30 days. They have only said that the register will be closed for that period.

@Mwanahisa,

From the advert it looks the shares will only be available to the existing shareholders. But during the special general meeting held in September, the shares were to be offered to existing class A and B shareholders as rights, and others to new sharehoders (sacco members not currently owning shares).

Nation Pg 36; Standard pg 10

Afer the rights issue, we shall have approx. 50 million shares. By the time of listing to the market, CiC should be liquid, not the way it is now. I see a possibility of a bonus of 5:1, bringing the total shares to just under 300m. That number can comfortably trade on the NSE.

CIC will list in the same way Co-operative bank did.
They will do a share split of 1:8 to have 480 million shares at a par value of ksh.2.50.
They will then create 120 million new shares which are the ones going to be offfered during the IPO.
The total number of issued shares will therefore be 600 million shares at a par value of ksh.2.50.
The IPO price will most likely be set at a price of around 8 Kenya shillings

PKoli=By the way i can see listing in NSE coming up even b4 2013.Reason being Co-op bank will influence so much given that they have a big say.Remember as per IAS(International Accounting Standard) 28 Co-op bank qualifies in any way to take full control.Dont forget the same directors who benefited immensely in the CO-Op bank IPO are the same ones who will be in control.They will ensure the same way happens in CIC.I am fully subscribing to my Rights even if it means getting a Loan.But Not to sell till the IPO.After IPO i will take a holiday to Bahamas