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CIC Insurance 2019
Kenyan Oracle
#81 Posted : Saturday, June 20, 2020 10:50:10 AM
Rank: Member


Joined: 5/31/2011
Posts: 187
littledove wrote:
Ericsson wrote:
Ericsson wrote:
Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash


Could it be a sign of things to come?
You lose money chasing women, but you never lose women chasing money - NAS
VituVingiSana
#82 Posted : Saturday, June 20, 2020 11:49:40 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,163
Location: Nairobi
littledove wrote:
Ericsson wrote:
Ericsson wrote:
Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash
Or going below the 25% so it isn't considered an associate?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#83 Posted : Saturday, July 11, 2020 12:44:59 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
VituVingiSana wrote:
littledove wrote:
Ericsson wrote:
Ericsson wrote:
Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash
Or going below the 25% so it isn't considered an associate?

At 24.8% ownership it still qualifies as an associate company;

"An associate company (or associate) in accounting and business valuation is a company in which another company owns a significant portion of voting shares, usually 20–50%. In this case, an owner does not consolidate the associate's financial statements."
Ericsson
#84 Posted : Monday, July 13, 2020 11:07:40 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
Kenyan Oracle wrote:
littledove wrote:
Ericsson wrote:
Ericsson wrote:
Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash


Could it be a sign of things to come?


Co-op Bank’s chief executive Gideon Muriuki told the Business Daily that the shares were sold to several saccos, adding that the transaction is part of the “ongoing strategic transformation agenda at CIC Insurance.”
Ericsson
#85 Posted : Monday, July 13, 2020 11:10:06 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
mwanahisa wrote:
Pennysense XIII wrote:
mwanahisa wrote:
heri wrote:
Ericsson wrote:
heri wrote:
Ericsson wrote:
Angelica _ann wrote:
Ericsson wrote:
https://pbs.twimg.com/media/EUb9njmXYAEv5TK?format=jpg&name=large



Corporate governance in Kenya for you, what is the purposes of this notice.


To inform shareholders they have found a buyer for the piece of land.
The returns they will get will be a windfall.


assuming they are selling at a profit


The land was bought 10 years ago before even the company was listed on the NSE


Oh okay. Was it held at cost?


No. It was not held at cost.

They have been revaluing their investment property periodically, hence any revaluation gains/losses have already been reflected in their financial reports.


https://www.businessdail...71086-n7m2fh/index.html

Yes it is held at cost
CIC has carried the land holdings at cost, meaning that the sale will result in substantial gains in line with appreciation of land over the years.


The Kiambu land is DEFINITELY NOT HELD AT COST. in 2018, it was valued at Kshs 3.6 B and in December 2019, it was revalued by Crystal Valuers at 3.8 B for a revaluation gain of Kshs 200 M. The same report indicated that Kiambu and Kajiado plots are based on market value.

Many journalists are lazy and do not bother to dig for accurate information. It's always a good idea to get the information from the source, in this case the company's own annual report.

Since the buyers are able to commission their own valuers, it is unlikely that the price at which they are selling will have a significant premium over the December 31st 2019 valuation. The premium on the price would have come from the "break-up value" of selling smaller plots as the likes of Tatu City (Kijani Ridge), Optiven and Safaricom Investment Cooperative (Zaria Village) are doing in the neighbourhood or by developing as Centum has done at Two Rivers and Vipingo.


The Kiambu/Kamiti land is being sold at a value that is worth more than 25% of the Total Assets of the company.
The total assets of CIC Group as at 31 December was ksh.35bn
Ericsson
#86 Posted : Monday, July 13, 2020 11:13:25 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
littledove wrote:
Ericsson wrote:
Ericsson wrote:
Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash


Coop bank says it received Sh106.6 million from the multiple transactions that saw it sell a total of 44.7 million shares in the investment vehicle.
“The bank has 33.41 percent interest in Co-operative Insurance Society Limited which is the majority shareholder of CIC Insurance Group Limited,” the lender says in the report.

“This is a reduction from the 35.71 percent interest held in prior year following the sale of 44.7 million shares in two tranches of 30.4 million and 14.3 million respectively during the year (ended December 2019).”

Harambee was one of the saccos that bought the shares from Co-op Bank, acquiring 21.1 million units in a move that raised its ownership in the investment vehicle to 2.9 percent from the previous 1.81 percent.

K-Unity and Kenya Police saccos bought five million shares each, boosting their stakes to 3.5 percent and 1.48 percent respectively.

Nawiri sacco acquired 4.3 million shares, raising its interest to 2.08 percent.

https://www.businessdail...2696-14m92v4z/index.html
kmucheke
#87 Posted : Tuesday, July 14, 2020 8:21:07 AM
Rank: Member


Joined: 3/16/2019
Posts: 140
Ericsson wrote:
littledove wrote:
Ericsson wrote:
[quote=Ericsson]Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash


Coop bank says it received Sh106.6 million from the multiple transactions that saw it sell a total of 44.7 million shares in the investment vehicle.
“The bank has 33.41 percent interest in Co-operative Insurance Society Limited which is the majority shareholder of CIC Insurance Group Limited,” the lender says in the report.

“This is a reduction from the 35.71 percent interest held in prior year following the sale of 44.7 million shares in two tranches of 30.4 million and 14.3 million respectively during the year (ended December 2019).”

Harambee was one of the saccos that bought the shares from Co-op Bank, acquiring 21.1 million units in a move that raised its ownership in the investment vehicle to 2.9 percent from the previous 1.81 percent.

K-Unity and Kenya Police saccos bought five million shares each, boosting their stakes to 3.5 percent and 1.48 percent respectively.

Nawiri sacco acquired 4.3 million shares, raising its interest to 2.08 percent.

https://www.businessdail...696-14m92v4z/index.html[/quote]


Quote:
...the transaction is part of the “ongoing strategic transformation agenda at CIC Insurance.”



Anyone who has info on this "strategic transformation agenda" ?

Ericsson
#88 Posted : Tuesday, July 14, 2020 9:55:11 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
kmucheke wrote:
Ericsson wrote:
littledove wrote:
Ericsson wrote:
[quote=Ericsson]Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash


Coop bank says it received Sh106.6 million from the multiple transactions that saw it sell a total of 44.7 million shares in the investment vehicle.
“The bank has 33.41 percent interest in Co-operative Insurance Society Limited which is the majority shareholder of CIC Insurance Group Limited,” the lender says in the report.

“This is a reduction from the 35.71 percent interest held in prior year following the sale of 44.7 million shares in two tranches of 30.4 million and 14.3 million respectively during the year (ended December 2019).”

Harambee was one of the saccos that bought the shares from Co-op Bank, acquiring 21.1 million units in a move that raised its ownership in the investment vehicle to 2.9 percent from the previous 1.81 percent.

K-Unity and Kenya Police saccos bought five million shares each, boosting their stakes to 3.5 percent and 1.48 percent respectively.

Nawiri sacco acquired 4.3 million shares, raising its interest to 2.08 percent.

https://www.businessdail...696-14m92v4z/index.html[/quote]


Quote:
...the transaction is part of the “ongoing strategic transformation agenda at CIC Insurance.”



Anyone who has info on this "strategic transformation agenda" ?


Info to be known in the revised notice of the AGM that should be out soon.
The AGM this quarter will give more.
kmucheke
#89 Posted : Tuesday, July 14, 2020 10:20:02 AM
Rank: Member


Joined: 3/16/2019
Posts: 140
Ericsson wrote:
kmucheke wrote:
Ericsson wrote:
littledove wrote:
Ericsson wrote:
[quote=Ericsson]Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash


Coop bank says it received Sh106.6 million from the multiple transactions that saw it sell a total of 44.7 million shares in the investment vehicle.
“The bank has 33.41 percent interest in Co-operative Insurance Society Limited which is the majority shareholder of CIC Insurance Group Limited,” the lender says in the report.

“This is a reduction from the 35.71 percent interest held in prior year following the sale of 44.7 million shares in two tranches of 30.4 million and 14.3 million respectively during the year (ended December 2019).”

Harambee was one of the saccos that bought the shares from Co-op Bank, acquiring 21.1 million units in a move that raised its ownership in the investment vehicle to 2.9 percent from the previous 1.81 percent.

Thanks. I'm looking forward to the AGM.

K-Unity and Kenya Police saccos bought five million shares each, boosting their stakes to 3.5 percent and 1.48 percent respectively.

Nawiri sacco acquired 4.3 million shares, raising its interest to 2.08 percent.

https://www.businessdail...696-14m92v4z/index.html[/quote]


Quote:
...the transaction is part of the “ongoing strategic transformation agenda at CIC Insurance.”



Anyone who has info on this "strategic transformation agenda" ?


Info to be known in the revised notice of the AGM that should be out soon.
The AGM this quarter will give more.

Ericsson
#90 Posted : Friday, July 17, 2020 10:05:24 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
Kenyan Oracle wrote:
littledove wrote:
Ericsson wrote:
Ericsson wrote:
Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%

what was probably the reason,i know coop is not struggling to the extent they needed the cash


Could it be a sign of things to come?


Cic insurance financial performance has been below par
Ericsson
#91 Posted : Tuesday, July 21, 2020 9:58:09 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
@Bartum
Any further details on the special general meeting
Ericsson
#92 Posted : Tuesday, July 28, 2020 7:42:39 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
kmucheke
#93 Posted : Tuesday, July 28, 2020 8:35:17 AM
Rank: Member


Joined: 3/16/2019
Posts: 140
[quote=Ericsson]https://www.businessdailyafrica.com/markets/capital/CIC-unit-trust-widens-market-share-to-39pc/4259442-5599972-xqkf4q/index.html

https://mobile.twitter.c...870366635790337/photo/1[/quote]

What makes the CIC MMF so attractive?
wukan
#94 Posted : Tuesday, July 28, 2020 10:12:40 AM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,430
kmucheke wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/markets/capital/CIC-unit-trust-widens-market-share-to-39pc/4259442-5599972-xqkf4q/index.html

https://mobile.twitter.c...870366635790337/photo/1


What makes the CIC MMF so attractive?


Saccos put their idle funds into CIC MMF.

kmucheke
#95 Posted : Tuesday, July 28, 2020 3:19:07 PM
Rank: Member


Joined: 3/16/2019
Posts: 140
wukan wrote:
kmucheke wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/markets/capital/CIC-unit-trust-widens-market-share-to-39pc/4259442-5599972-xqkf4q/index.html

https://mobile.twitter.c...870366635790337/photo/1


What makes the CIC MMF so attractive?


Saccos put their idle funds into CIC MMF.



Then if it is Saccos, they will be fighting with Co-op Trust.

Quote:
Co-op Trust which joined in the second quarter of last year, had the lowest share (0.14 percent) but managed to more than double its assets under management from Sh5.25 million to Sh10.83 million.
NewMoney
#96 Posted : Tuesday, July 28, 2020 4:00:23 PM
Rank: Member


Joined: 3/1/2019
Posts: 155
Location: Nairobi
kmucheke wrote:
wukan wrote:
kmucheke wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/markets/capital/CIC-unit-trust-widens-market-share-to-39pc/4259442-5599972-xqkf4q/index.html

https://mobile.twitter.c...870366635790337/photo/1


What makes the CIC MMF so attractive?


Saccos put their idle funds into CIC MMF.



Then if it is Saccos, they will be fighting with Co-op Trust.

Quote:
Co-op Trust which joined in the second quarter of last year, had the lowest share (0.14 percent) but managed to more than double its assets under management from Sh5.25 million to Sh10.83 million.



Cooperative Bank is the largest shareholder of CIC, so I don't expect a "fight"
kediveKed
#97 Posted : Tuesday, July 28, 2020 5:09:10 PM
Rank: New-farer


Joined: 3/28/2016
Posts: 21
Location: nairobi
wukan wrote:
kmucheke wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/markets/capital/CIC-unit-trust-widens-market-share-to-39pc/4259442-5599972-xqkf4q/index.html

https://mobile.twitter.c...870366635790337/photo/1


What makes the CIC MMF so attractive?


Saccos put their idle funds into CIC MMF.



Additionally, as far as I know CIC does not do segregated fund, which most of the other guys do.
bartum
#98 Posted : Wednesday, July 29, 2020 4:46:19 PM
Rank: Veteran


Joined: 8/11/2010
Posts: 1,010
Location: nairobi
Where is this man @pkoli, he understood cic
Ericsson
#99 Posted : Friday, July 31, 2020 3:57:31 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,699
Location: NAIROBI
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.
FUNKY
#100 Posted : Wednesday, August 05, 2020 4:54:43 PM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,618
Huge volume traded today
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