| IPO Details |
| Company Profile |
| Summary of the Offer |
| Important Highlights |
| Important Dates |
| Advisers and Vendors |
| Historical Financials |
| IPO Prospectus |
| In the News |
| Name | Kenya Re-Insurance Corporation Ltd Ord 2.50 |
| Security Type | Ordinary |
| Ticker | KNRE |
| Reuters Code | |
| ISIN | |
| Number of Employees | 115 |
| Address | |
| Website | www.kenyare.co.ke |
| Phone | +254-20-240188 |
| Fax | +254-20-252106, 340486 |
| info@kenyare.co.ke | |
| Nature of Business | Kenya Reinsurance Corporation Limited was established in December 1970 under the State Reinsurance Corporation Act of th e laws of Kenya Chapter 485. Initially, the Corporation was referred to as the State Reinsurance Corporation of Ke n y a. The name was later changed to Kenya Reinsurance Corporation under the provisions of the 1977 Statute Law (Miscell an eo us Amendments) Act. Also popularly known as Kenya Re. The Corporation was mandated to undertake and transact i n a ny manner reinsurance and insurance business in and out of Kenya . The Government intended Kenya Re to address the prev aili ng unsatisfactory conditions that were obtaining in the local insurance sector. |
| Offer Type | Initial Public Offering |
| Offer Method | Offer for Subscription |
| Purpose | REASONS FOR DIVESTITURE BY GOVERMENT OF KENYA (GOK) AND LISTING ON THE NSE
|
| Utilization of Proceeds | The net proceeds from the sale of the Offer Shares will accrue to the Government of Kenya through Treasury. |
| Target Investors | The Offer is open to any member of the public including individuals, corporations, institutions and foreign investors who make an application in the required form through an Authorised Selling Agent in Kenya |
| Par Value of each share | KES 2.50 |
| Authorised Share Capital | 800,000,000 |
| Fully Paid Share Capital | 600,000,000 |
| Shares Offered for Sale | 240,000,000 |
| % of Fully Paid Shares Offered for Sale | 40.00% |
| Offer Price per Share | KES 9.50 |
| Price Earning (PE) Ratio at Offer Price | 4.30 |
| Dividend Yield at Offer Price | 5.26% |
| Offer Open Date | 9:00 am Wednesday, July 18, 2007 |
| Offer Close Date | 3:00 pm Tuesday, July 31, 2007 |
| Results of Allocation Announced | Tuesday, Aug 21, 2007 |
| Dispatch of Share Certificates | Wednesday, Aug 22, 2007 |
| Commencement of Trading on Nairobi Stock Exchange | Monday, Aug 27, 2007 |
| Key Numbers | |
| Fiscal Year End | December |
| Currency | Kenya-Shilling (KES) |
| Sales (in millions) | 4,921.58 |
| 1 Year Sales Growth | +2.36% |
| Annual Income Summary (in millions except EPS data) | ||||
| December 31, 2009 | December 31, 2008 | December 31, 2007 | December 31, 2006 | |
| Sales | 4,921.58 | 4,807.96 | 4,178.74 | 3,544.72 |
| Pre-Tax Income | 1,463.86 | 1,759.02 | 965.75 | 647.29 |
| Net Income | 1,328.90 | 1,481.10 | 729.26 | 390.45 |
| Average Shares | 600.00 | 600.00 | 600.00 | 150.00 |
| EPS | 2.21 | 1.97 | 1.21 | 0.26 |
| Total DPS | 0.50 | 0.50 | 0.36 | 0.10 |
| Quarterly Income Summary (in millions except EPS data) | ||||
| -- | -- | -- | -- | |
| Sales | -- | -- | -- | -- |
| Cost of Goods | -- | -- | -- | -- |
| Gross Profit | -- | -- | -- | -- |
| Pretax Income | -- | -- | -- | -- |
| Net Income | -- | -- | -- | -- |
| Average Shares | -- | -- | -- | -- |
| EPS | -- | -- | -- | -- |
| Annual Balance Sheet Summary (in millions) | ||||
| December 31, 2009 | December 31, 2008 | December 31, 2007 | December 31, 2006 | |
| Cash & Equivalents | -- | -- | -- | 45.08 |
| Total Current Assets | -- | -- | -- | 2,245.94 |
| Total Liabilities | -- | -- | -- | 5,110.40 |
| Share Holder Equity | -- | -- | -- | 6,153.76 |
| Long Term Debt | -- | -- | -- | -- |
| Annual Consolidated Cash Flow (in millions) | ||||
| December 31, 2009 | December 31, 2008 | December 31, 2007 | December 31, 2006 | |
| Net cash flows generated from (used in) in operating activities | 663.45 | 700.74 | 705.78 | 901.91 |
| Net cash flows generated from (used in) in investing activities | -107.48 | -475.39 | -524.58 | -676.55 |
| Net cash flows generated from (used in) in financing activities | -300.00 | -210.00 | -150.00 | -150.00 |
Faida Securities Kenya Re Research Report |
| Faida Securities Limited |
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Kenya Reinsurance Corporation Full IPO Prospectus |
| Kenya Re-insurance Corporation Limited |
|
Kenya Reinsurance Corporation Limited IPO Application Form |
| Kenya Re-insurance Corporation Limited |
| KENYA RE TO SEAT IN THE BOARD OF THE CONTINENT’S LARGEST REINSURER |
| Kenya Re-insurance Corporation Limited - 30 June, 2007 |
| The Managing Director of Kenya Reinsurance Corporation Limited, Mrs. Eunice Mbogo has been elected director to the Board of Africa Reinsurance Corporation. The development took place on 30th June 2007 in Kigali, Rwanda during the Africa Reinsurance Corporation’s 29th Annual General Meeting. Mrs. Eunice Mbogo was elected to the realm of the reputable reinsurer, from among the 41 member countries who are the shareholders. The Corporation was established by African Union 30 years ago and enjoys 5% mandatory treaty cessions in Member countries. |