The Capital Markets Authority (CMA) has approved an offer for sale of 724,900 ordinary shares by insurance company, CIC Africa (Uganda) Limited.The offer which will be restricted to Ugandan based cooperative unions and SACCOs is expected to fetch up to Ugx 7,249,000,000 for CIC with each share going for a price of Ugx 10,000.
The Authority received the final prospectus dated 13th October, 2016 and granted approval following the fulfillment of the prospectus requirements stipulated in the CMA Act as amended.
CIC Africa (Uganda) Limitedís shares will not be listed on any stock exchange once the offer has closed. The shares will only be transferred in line with CIC Africa (Uganda) Limitedís Articles of Association, which may be obtained at the companyís registered offices or at the Registrar Generalís office.
The Authority advises the targeted group of investors to read the prospectus and ensure they consult with licensed investment advisors before participating in the offer.