Kenya's CIC Insurance says to list by mid-June - Reuters

May 16 (Reuters) - Kenya's capital markets regulator approved a listing by CIC Insurance on Wednesday, after the company shelved initial public offering plans due to a lengthy bear run at the Nairobi bourse.

The company is expected to list 25 percent of its share capital by mid-June on the Main Investment Market Segment of the Nairobi Securities Exchange (NSE) .

Co-operative Bank, the country's fourth-largest bank by assets, is the single largest shareholder in CIC Insurance with a 21 percent stake.

CIC, which says it is the third largest insurer in Kenya, had planned to list in the second quarter through an IPO, but shelved the plans due to the downward trend of the bourse in 2011.

CMA on Thursday also approved the listing of Longhorn Publishers, which publishes and distributes school text books in Kenya, Uganda, Tanzania and Rwanda. (Reporting by Beatrice Gachenge; Editing by Mike Nesbit)

16 May, 2012

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Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFM0UhteTGpBXfA1h-IHquTSQXIbg&url=http://www.reuters.com/article/2012/05/16/kenya-cic-idUSL5E8GG5TK20120516
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