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CIC Insurance 2019
Ericsson
#61 Posted : Wednesday, April 01, 2020 9:45:48 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
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
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
heri
#62 Posted : Thursday, April 02, 2020 7:54:17 AM
Rank: Member


Joined: 9/14/2011
Posts: 834
Location: nairobi
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?
mwanahisa
#63 Posted : Thursday, April 02, 2020 9:31:33 AM
Rank: Elder


Joined: 6/2/2008
Posts: 1,438
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.
Ericsson
#64 Posted : Friday, June 05, 2020 8:12:11 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
Cooperative bank reduced shareholding in cic from 26.1% to 24.8%
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#65 Posted : Friday, June 05, 2020 8:15:06 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
CIC has an outstanding loan balance of ksh.3.6bn from cooperative bank.Loan was taken to repay corporate bond.
Kiambu land used as collateral for the borrowing.
Interest rate of 12.5% repayable in 5 years.
Interest is to be paid tri-annually.
Principal is payable at end of the tenure.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
littledove
#66 Posted : Friday, June 05, 2020 8:23:50 AM
Rank: Member


Joined: 7/1/2014
Posts: 895
Location: sky
Ericsson wrote:
CIC has an outstanding loan balance of ksh.3.6bn from cooperative bank.Loan was taken to repay corporate bond.
Kiambu land used as collateral for the borrowing.
Interest rate of 12.5% repayable in 5 years.
Interest is to be paid tri-annually.
Principal is payable at end of the tenure.


whats the value of the land they are selling, i heard it has significant impact on their assets
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
Ericsson
#67 Posted : Friday, June 05, 2020 11:14:00 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
littledove wrote:
Ericsson wrote:
CIC has an outstanding loan balance of ksh.3.6bn from cooperative bank.Loan was taken to repay corporate bond.
Kiambu land used as collateral for the borrowing.
Interest rate of 12.5% repayable in 5 years.
Interest is to be paid tri-annually.
Principal is payable at end of the tenure.


whats the value of the land they are selling, i heard it has significant impact on their assets

Value on the books is ksh.3.6bn
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Pennysense XIII
#68 Posted : Friday, June 05, 2020 11:52:53 AM
Rank: Hello


Joined: 5/21/2020
Posts: 2
Location: Nairobi
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.
It is easier to find men who will volunteer to die, than to find those who are willing to endure pain with patience.
Ericsson
#69 Posted : Sunday, June 07, 2020 9:10:37 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
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 proposal will be brought to shareholders for ratification on 30th June 2020.
It's agenda no.10
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Horton
#70 Posted : Monday, June 08, 2020 7:03:26 AM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,558
Location: Nairobi
Ericsson 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 proposal will be brought to shareholders for ratification on 30th June 2020.
It's agenda no.10



I don’t think they will get buyers for this land hand over fist currently. Even if they do get buyers, it will be at the 5-6B mark. It’s a buyers market and these valuations are usually very optimistic even for a good market.
Ericsson
#71 Posted : Monday, June 08, 2020 9:06:40 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
Horton wrote:
Ericsson 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 proposal will be brought to shareholders for ratification on 30th June 2020.
It's agenda no.10



I don’t think they will get buyers for this land hand over fist currently. Even if they do get buyers, it will be at the 5-6B mark. It’s a buyers market and these valuations are usually very optimistic even for a good market.


In the first notice sent in April they notified shareholders they have a buyer and negotiation was in the final stages.
5-6bn is good money considering the land is being held at ksh.3.6bn in the books
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Angelica _ann
#72 Posted : Monday, June 08, 2020 6:51:24 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,901
CIC taps Co-op Bank strategy director for CEO role

CIC Insurance Group has picked Co-operative Bank group finance and strategy director Patrick Nyaga as the new CEO effective June 22, 2020.

Mr Nyaga replaces Tom Gitogo who quit his position on October 9 last year, prompting the board to pick Elijah Wachira to hold the position in an acting capacity.

The new CEO is not entirely new at CIC since he has been serving as a member of CIC board of directors since June 2011. Insurance Regulatory Authority has already cleared him for the role.

“He has key strengths that well position him to drive CIC Group business at this critical position, which include great links and experience with cooperative movement who are CIC’s core and primary market segment as well as core shareholder base,” said chairman Japheth Magomere.


https://www.businessdail...572896-s89nqb/index.html
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
mwanahisa
#73 Posted : Tuesday, June 09, 2020 10:02:12 AM
Rank: Elder


Joined: 6/2/2008
Posts: 1,438
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.
Ericsson
#74 Posted : Tuesday, June 09, 2020 12:21:28 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
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 transaction will be concluded in the second half of the year.The AGM to ratify it is on 30 June.
Proceeds from the sale will be used to retire the coop bank loan.
The land had been pledged as security for the loan
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
littledove
#75 Posted : Friday, June 12, 2020 8:28:59 PM
Rank: Member


Joined: 7/1/2014
Posts: 895
Location: sky
Ericsson wrote:
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 transaction will be concluded in the second half of the year.The AGM to ratify it is on 30 June.
Proceeds from the sale will be used to retire the coop bank loan.
The land had been pledged as security for the loan


Any possibility of a special divided out of the balance after repaying the loan, a lot of activity on the counter of late volume wise
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
Ericsson
#76 Posted : Friday, June 12, 2020 11:03:53 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
littledove wrote:
Ericsson wrote:
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 transaction will be concluded in the second half of the year.The AGM to ratify it is on 30 June.
Proceeds from the sale will be used to retire the coop bank loan.
The land had been pledged as security for the loan


Any possibility of a special divided out of the balance after repaying the loan, a lot of activity on the counter of late volume wise


People are squaring positions though FY is still a bit far.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
muandiwambeu
#77 Posted : Saturday, June 13, 2020 1:25:10 PM
Rank: Veteran


Joined: 8/28/2015
Posts: 1,247
https://m.facebook.com/g...otif_t=group_highlights
Castigiliano energy paradox at play. Or is this someone doing monte Carlo simulation with Sir muriuki
,Behold, a sower went forth to sow;....
Ericsson
#78 Posted : Thursday, June 18, 2020 2:03:07 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
CIC Insurance has postponed its Annual General Meeting that was scheduled to be held on 30th June at 10:00am to a later date to be advised in due course.

The Board of Directors has resolved to postpone the AGM for the reason that there are new developments being pursued in the business that require shareholders approvals within the next three months.In light of this and to avoid holding another general meeting so soon after the AGM,it is prudent that the company holds the AGM during the third quarter of this financial year to cover all the necessary business.

https://pbs.twimg.com/me...mat=jpg&name=900x900
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#79 Posted : Saturday, June 20, 2020 8:02:05 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,626
Location: NAIROBI
Ericsson wrote:
Cooperative bank reduced shareholding in cic from 26.1% to 24.8%

From 26.53% to 24.8%
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
littledove
#80 Posted : Saturday, June 20, 2020 8:21:49 AM
Rank: Member


Joined: 7/1/2014
Posts: 895
Location: sky
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
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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