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.

@Boris - I'm still amazed that 9/- was sliced from the 6/- breakout and the rally almost went to 13?! I was expecting a sizable correction back to 8.50-9 level after that furious rally topped out. Seems the correction has settled at 9.50-10 zone. At this price bonus dilution will see prices settle around 7.50-8 zone. But bulls might try to head back to 10 post bonus dilution. Support is still 6/- zone.

good question. Any opinions about the idea?

bonus issue books closing 30 July ;positioning. trading pre bonus. likely to reclaim 12.20 thereabout

@icecube yees

What is your prediction of the price after books closing? 6? 7? 8?

avg 8. given it's likely to hit past 12.0 pre bonus,falling to 6 (fall by 50%) is unlikely as strong demand will build up @ btwn 7.5-8.0 which will push price up avg @ 8