Uganda’s National Insurance Corporation Limited (NIC) plans to float shares on the Nairobi Securities Exchange.
Uganda’s National Insurance Corporation Limited (NIC) plans to float shares on the Nairobi Securities Exchange.
The board of directors announced the intentions during an AGM held on Friday in Kampala.
“We are going to start on the approval process with the various bodies in Uganda and Kenya,” said NIC managing director Bayo Folayan. NIC will become the second Ugandan firm to cross-list on the Nairobi bourse after Umeme, a power utility, last year.
“Cross-listing of the shares will lead to better visibility, increased share liquidity, better price discovery, access to a wider pool of sophisticated and retail investors, and better prospects of raising capital,” said board vice chairman Martin Aliker.
The insurer also intends to change its name to NIC Holdings Ltd in order to separate the life and non-life businesses as required by amendments to the Insurance Act in 2011.
The deadline for the separation is December.