Looking forward to the CFC Insurance Holdings Listing this Week.
After a lull of almost two years the Nairobi Stock Exchange (NSE) will see its first listing in two years this coming week. Cfc Insurance Holdings (CIH) will list by a way of introduction on 21 April 2011.
CIH was created after CFC Stanbic decided to separate their banking assets from the insurance ones, therefore CIH will be now the holding company of Heritage insurance and CFC Life. Standard bank Africa which holds a 60% in CFC Stanbic will own a 58% stake in CIH through their insurance arm Liberty Holdings, the rest of shares will be shared between African Liason Holdings and the public.
CfcStanbic insurance business suffered a loss of Ksh 700 million in year end 2009, due to the down turn in the equity market, recession and the post election violence but most of those losses have been recovered by now due to the upturn of the equity market in 2010.
As on 30 June 2010
CIH had 23 Billion Ksh in assets
Net Average Value of Ksh 6.48
Half Year EPS of 0.54
Number of issued shares at listing 515 million
Introductory Price Ksh 6.15
Market Capitalisation at Listing Ksh 3.2 Billion
Entire article here
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