Thursday, April 17, 2014
africanselectlogo Home
IPO Details
Company Profile
Summary of the Offer
Important Highlights
Important Dates
Advisers and Vendors
Historical Financials
IPO Prospectus
In the News
 

Company Profile
Name Kenya Re Insurance Corporation Ltd Ord 2.50
Security Type Ordinary
Ticker KNRE
Reuters Code
ISIN KE0000000604
Number of Employees 115
Address
Website www.kenyare.co.ke
Phone +254-20-240188
Fax +254-20-252106, 340486
Email 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.

Summary of the Offer
Offer Type Initial Public Offering 
Offer Method Offer for Subscription 
Purpose REASONS FOR DIVESTITURE BY GOVERMENT OF KENYA (GOK) AND LISTING ON THE NSE

  1. To implement its long term reform agenda of divesting from commercial activities: The divestiture of Kenya Re is expected to enhance private sector participation leading to increased efficiency, productivity and service delivery levels, hence creating a more sustainable reinsurer with strong financial and operating standing.
  2. To realize a fair return and raise revenue for the Exchequer: The GoK has invested heavily in terms of funds and time in nurturing Kenya Re in the past. Therefore, the GoK is seeking a fair return from this divesture for the improvement of public finances.
  3. To ensure as wide an ownership as possible: This objective is behind the Governmentís decision to divest through the Nairobi Stock Exchange. Associating individual Kenyan investors to the development of the Kenyan economy is part of the reforming Governmentís agenda.
  4. To deepen the Kenyan Capital Market: The decision to dispose of 40% of Kenya Re by the Government is a clear demonstration of its commitment to deepen the capital market, in line with instituted measures aimed at accelerating the growth of the capital market.
 
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 

Important highlights of the issue
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  
Dividend Yield at Offer Price --

Important dates and times
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 Limited Monday, Aug 27, 2007 

Advisers to the Company and the Vendors

Historical financial and Operating results
Key Numbers
Fiscal Year End December
Currency -- (--)
Sales (in millions) --
1 Year Sales Growth --

Annual Income Summary (in millions except EPS data)
-- -- -- --
Sales -- -- -- --
Pre-Tax Income -- -- -- --
Net Income -- -- -- --
Average Shares -- -- -- --
EPS -- -- -- --
Total DPS -- -- -- --

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)
-- -- -- --
Cash & Equivalents -- -- -- --
Total Current Assets -- -- -- --
Total Liabilities -- -- -- --
Share Holder Equity -- -- -- --
Long Term Debt -- -- -- --

Annual Consolidated Cash Flow (in millions)
-- -- -- --
Net cash flows generated from (used in) in operating activities -- -- -- --
Net cash flows generated from (used in) in investing activities -- -- -- --
Net cash flows generated from (used in) in financing activities -- -- -- --

IPO Prospectus
Adobe PDF Document  Kenya Reinsurance Corporation Full IPO Prospectus
Kenya Re-insurance Corporation Limited
Adobe PDF Document  Faida Securities Kenya Re Research Report
Faida Securities Limited
Adobe PDF Document  Kenya Reinsurance Corporation Limited IPO Application Form
Kenya Re-insurance Corporation Limited

In the News
Latest Company Press Releases
KENYA RE TO SEAT IN THE BOARD OF THE CONTINENTíS 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 Corporationís 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.

Latest Company News
No Company News at this time.

Company Market Announcements
No Company Market Announcements at this time.

 
Home  Contact Us
Copyright ©2006 AfricanSelect.com All Rights Reserved