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CIC Insurance 2018
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heri
#41 Posted : Thursday, September 26, 2019 8:37:13 AM
Rank: Member


Joined: 9/14/2011
Posts: 834
Location: nairobi
VituVingiSana wrote:
I like the trend of deleveraging by some firms.

Centum is paying off some loans/bonds from the sale of Almasi/King/NBL.
CIC is paying off this bond.
HF will pay off a bond too. It is also trying to sell non-performing properties/assets.
Britam is also trying to sell properties and reduce borrowings or increase cash.

In these tough times, if the business cannot generate great returns then it is better to deleverage.

Excessive leverage can be disastrous as seen for Uchumi, ARM, Mumias, etc.

Cash-rich firms (or those with low/manageable) debt can better survive a tough operating environment.


I hope CIC is not taking on another loan to pay off this bond? Have they have sold the land they put up for sale
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Ericsson
#42 Posted : Monday, September 30, 2019 2:05:03 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
Location: NAIROBI
heri wrote:
VituVingiSana wrote:
I like the trend of deleveraging by some firms.

Centum is paying off some loans/bonds from the sale of Almasi/King/NBL.
CIC is paying off this bond.
HF will pay off a bond too. It is also trying to sell non-performing properties/assets.
Britam is also trying to sell properties and reduce borrowings or increase cash.

In these tough times, if the business cannot generate great returns then it is better to deleverage.

Excessive leverage can be disastrous as seen for Uchumi, ARM, Mumias, etc.

Cash-rich firms (or those with low/manageable) debt can better survive a tough operating environment.


I hope CIC is not taking on another loan to pay off this bond? Have they have sold the land they put up for sale


Chief executive Tom Gitogo told the Business Daily that the company currently has enough cash and cash equivalents to settle the bond, adding that the need to boost its capital will come later.

https://www.businessdail...92122-9g6qjaz/index.html
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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tandich
#43 Posted : Thursday, October 10, 2019 1:07:35 PM
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Joined: 5/6/2008
Posts: 199
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Ericsson
#44 Posted : Thursday, October 10, 2019 1:21:08 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
Location: NAIROBI
tandich wrote:
CIC GROUP Begins Search for New CEO



He must have got a big post somewhere.
He did the same stunt at Sanlam insurance
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ebenyo
#45 Posted : Thursday, October 10, 2019 3:10:35 PM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,997
Location: Kitale
tandich wrote:
CIC GROUP Begins Search for New CEO





Si angeongoja mwezi wa pili.
Towards the goal of financial freedom
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Ericsson
#46 Posted : Thursday, October 10, 2019 11:51:54 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
Location: NAIROBI
Ebenyo wrote:
tandich wrote:
CIC GROUP Begins Search for New CEO





Si angeongoja mwezi wa pili.


Mr Gitogo joined CIC in 2014 when he replaced Nelson Kuria who retired after holding the Chief Executive position for many years.

He leaves after the company repaid its Sh5 billion corporate bond last week.

Mr Gitogo had also initiated plans to sell the insurer’s 712 acres of freehold land.
Mr Gitogo’s term at CIC has been turbulent, characterised by a decline across various performance measures.

The insurer’s market capitalisation, for instance, has dropped 68 percent from Sh25.1 billion in December 2014 to Sh8 billion on Wednesday.
Over his tenure, CIC’s earnings and shareholder funds also dropped, partly due to losses at its regional subsidiaries, increased competition and the weak stock market.

https://www.businessdail...06614-4d8hhn/index.html
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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jmbada
#47 Posted : Sunday, October 13, 2019 3:24:28 PM
Rank: Member


Joined: 1/1/2011
Posts: 396
Ericsson wrote:
Ebenyo wrote:
tandich wrote:
CIC GROUP Begins Search for New CEO





Si angeongoja mwezi wa pili.


Mr Gitogo joined CIC in 2014 when he replaced Nelson Kuria who retired after holding the Chief Executive position for many years.

He leaves after the company repaid its Sh5 billion corporate bond last week.

Mr Gitogo had also initiated plans to sell the insurer’s 712 acres of freehold land.
Mr Gitogo’s term at CIC has been turbulent, characterised by a decline across various performance measures.

The insurer’s market capitalisation, for instance, has dropped 68 percent from Sh25.1 billion in December 2014 to Sh8 billion on Wednesday.
Over his tenure, CIC’s earnings and shareholder funds also dropped, partly due to losses at its regional subsidiaries, increased competition and the weak stock market.

https://www.businessdail...06614-4d8hhn/index.html

Wow! Talk about shareholder value destruction!
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Horton
#48 Posted : Sunday, October 13, 2019 4:00:36 PM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,558
Location: Nairobi
jmbada wrote:
Ericsson wrote:
Ebenyo wrote:
tandich wrote:
CIC GROUP Begins Search for New CEO





Si angeongoja mwezi wa pili.


Mr Gitogo joined CIC in 2014 when he replaced Nelson Kuria who retired after holding the Chief Executive position for many years.

He leaves after the company repaid its Sh5 billion corporate bond last week.

Mr Gitogo had also initiated plans to sell the insurer’s 712 acres of freehold land.
Mr Gitogo’s term at CIC has been turbulent, characterised by a decline across various performance measures.

The insurer’s market capitalisation, for instance, has dropped 68 percent from Sh25.1 billion in December 2014 to Sh8 billion on Wednesday.
Over his tenure, CIC’s earnings and shareholder funds also dropped, partly due to losses at its regional subsidiaries, increased competition and the weak stock market.

https://www.businessdail...06614-4d8hhn/index.html

Wow! Talk about shareholder value destruction!



Anyone seeing any good in this stock? I remember Ericsson used to like this company a while back. Thoughts?
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