annual report finally posted on the web.

Thanks, it is a big document though, 5 MB

They want to list in the second half of 2012 possibly after elections.

The last three year's of CIC annual accounts, the Chairman always talks about the political landscape. So they are aware of the 2012 politics

@pkoli would you mind selling me only 500 cic shares@45 bob? am sure you have a way of replacing the ones you sell to me.

what a gentleman this pkoli is si ata mimi kidogo tu at 48

thanks in advance

@Koli thanks a lot man.been in need of just kidogo coz have been planning kuongeza kidogo tu but its like the shares are too scarce saa hii. will surely appreciate. incase you can clinch some deal on these shares pliz saidia some of us who need these shares lakini hatuna connections! and as you know you are our light as far as cic shares here at wazua are concerned. Hope you are also planning to attend the AGM. I must attend!

@pkoli i was there jana.the demand is in the range of 40, 45, 50. but there are no sellers. so many buy orders and zero sell order.the madam there told me ati watu hawauzi coz cic announced a split. is there no other way of getting wazees who have these shares to offload some to us at reasonable price? after all listing is 1 full year from now. so one has to lock in his money after all!

@koli how will cic maintain 60per cent shareholding by saccos without a bonus issue or a rights issue?coz how will they treat the 90M shares they are creating?
what do you think they will do with them and what percentage of the 90M shares will e used to raise additional capital?

@Mwanahisa

Here are some basic numbers, I could not excatly answer your queries since CIC have been having different issued shares from 2007.

2007 2008 2009 2010
Total shares (M) 19.44 20.689 21.399 30.571
Earnings per share 6.40 8.50 11.03 15.91
Dividend per share 1.4 1.4 1.60 3.14
Book value per share 29.43 36.62 46.27 85.35
Return on Assets 5.10 5.81 6.76 7.41
Return on Equity 21.75 23.23 23.84 18.65
Market price/share 12.50 28.00 35.00 65.00
Price/Book Value 0.42 0.76 0.76 0.76
P/E 1.95 3.29 3.17 4.08

Comparative analysis
CFC Insurance Holdings P/BV (the lowest in the insurance industry) of 1.68X, the share price should be at KES 104.00 if it were listed today.
CFC Insurance holdings has a low P/BV because of its low ROE (2010: 5.26).
The P/BVs for Jubilee and Pan Afric Insurance Holdings should give guidance with Jubilee having an ROE of 35.97% in 2010 while Pan Africa 32.16%. Jubilee is trading at 2X BV while Pan Africa is trading at 2.45X book value.
CIC Insurance had ROE of 18.65% implying its value is in between Jubilee/Pan Afric and CFC Insurance and therefore a book value of between 1.95C and 2.05X is appropriate meaning valuation could be between KES 126.00 and 133.00.

I think the price should be much higher given the recent Coop Bank interest in CIC and the growth prospect of the Cooperative movement in the country.

I am sorry the figures from word are distorted.