National Insurance to be fully divested
Jan 16, 2007
THE 40% government shares in the National Insurance Corporation (NIC) will be offered to the public in the second quarter of this year.
By Peter Kaujju
THE 40% government shares in the National Insurance Corporation (NIC) will be offered to the public in the second quarter of this year.
Jim Mugunga, the Privatisation Unit’s spokesperson, said the move would be a fulfilment of an agreement between Industrial and General Insurance Company of Nigeria (majority shareholder) and the Government.
“The Government intends to offer the shares through a Best Efforts Initial Public Offering and list on the Uganda Securities Exchange,†Mugunga explained.
Industrial and General Insurance Company acquired a 60% stake in 2005.
A notice from the Privatisation Unit explained that the transaction advisor shall put together and lead a team of consultants like a broker, reporting accountant, legal counsel, share registrars and communication advisors.
THE 40% government shares in the National Insurance Corporation (NIC) will be offered to the public in the second quarter of this year.
Jim Mugunga, the Privatisation Unit’s spokesperson, said the move would be a fulfilment of an agreement between Industrial and General Insurance Company of Nigeria (majority shareholder) and the Government.
“The Government intends to offer the shares through a Best Efforts Initial Public Offering and list on the Uganda Securities Exchange,†Mugunga explained.
Industrial and General Insurance Company acquired a 60% stake in 2005.
A notice from the Privatisation Unit explained that the transaction advisor shall put together and lead a team of consultants like a broker, reporting accountant, legal counsel, share registrars and communication advisors.