The press briefing on Monday last week was covered in the media (business daily). CIC was announcing that part of the proceeds of the rights issue will be invested in real estate. In fact the company has already purchased 200 acres in Kiambu (near tatu city) where they plan to develop high end residential houses.
Its more like the way Pan African insurance has developed Runda estate over the years.
They also mentioned that listing is still on course by 2012/3.