3billion spread in two years in rights and bond is too little,the rights will be successful I guess.

@georgeop;
No impact as these have been fully considered.
the rights issue and corporate bond probably next year.this year the focus was opening the regional subsidiaries of which they have the funds available.

@Ericsson, dont have that info. I however note the shares they have created have the potential to double the shares in issue (raising Kes. 30B at current MPS)

Ericsson
3-4B rights issue will surely be well received by market.
They may however seek to raise more going by the new shares being authorised

@mwekez@ji;
Not all shares created are going to be used for the rights issue.
Some will be reserved for future rights issues and bonuses.

Exactly, there's positive outlook into this. I was fearing they would rush the rights issue and replicate the story of KPLC et al. With the corporate bond preceding the rights, I believe the effects will be balanced and ofcos they will be able to raise substantial amounts going by the share price as at next year.

Just carry your ID/passport and walk in like a boss!!

@mweke I arrived late just picked that of using bond in short term while rights will be later (mid to long term) close of bks for bonus 30 July 2014. niko na the snacks and of course the books nikupe apple ndizi ama maji?

Excerpts from the AGM held yesterday;
--Remittances from the diaspora constitute a major foreign earner from the country. Some of the money is used to meet the basic and domestic needs, others for investment. Some is also used to take insurance policy for members here.
CIC has developed a web application platform where the diaspora can fill in their details and take a policy. They can also be remitting premiums through the platform.CIC was the first insurance company in Eastern and Central Africa to have such.

--CIC will form a joint venture with PSVs to provide insurance cover to them. The venture into PSV is now a viable business after the changes, regulations including an Act of parliament that was enacted to streamline the sector.Matatus and PSVs are now mandated to have their vehicles belong to a Sacco, drivers and conductors be permanent and pensionable. This has made the sector to be a lucrative venture.

--Expanding the co-operative insurance model to the rest of Africa. It is a unique business model in partnering with co-operative societies and organizations that already have a ready customer/business instead of going Greenfield and starting to look for customers.
The goal is now CIC Africa and already the company is present in Malawi, South Sudan and Uganda.

--Rights issue will be done later; corporate bond is of immediate need.
Money from the corporate bond will be used for the following;
• Regional expansion
• Venturing into PSV
• Recapitalisation of some of the businesses that are undergoing rapid expansion and need an injection of capital
Rights issue is for the immediate term and will be used for the real estate projects.