| IPO Details |
| Company Profile |
| Summary of the Offer |
| Important Highlights |
| Important Dates |
| Advisers and Vendors |
| Historical Financials |
| IPO Prospectus |
| In the News |
| Name | State Insurance Company Limited |
| Security Type | Ordinary |
| Ticker | SIC |
| Reuters Code | |
| ISIN | |
| Number of Employees | |
| Address | Nyemitei House |
| 28 /29 Ring Road East | |
| Accra, Nigeria | |
| Website | www.sic-gh.com |
| Phone | +233-21-780600-9 |
| Fax | +231-21-780615 |
| sicinfo@ighmail.com | |
| Nature of Business | State Insurance Corporation was incorporated in February 1962 by Executive Instrument (E.I) No.17, which was passed unde r the Statutory Corporation Act, 1962 (Act 232). It was born out of the Ghana Insurance Company, its subsidiary Ghana G e neral, and the Ghana Co-operative Insurance Society Limited. It was established as a body corporate by L.I. 424 of 196 4 with an initial paid –up capital of 1 million pounds. On August 28, 1995, the Corporation was converted into a Pu bli c Limited Liability Company and renamed State Insurance Company of Ghana Limited. It was re-registered under the Com pani es’ Code, 1963 (Act 179) and currently has a paid up capital of ¢25 billion. SIC is further regulated by the Insura nce L aw 1989 (PNDCL. 227), its subsidiary LI 1502 and its own internal regulations. SIC will position itself to bec ome th e most dominant insurer within the industry. In addition, the company will become the pacesetters in innovation i n terms of financial products, technology and human resource development. |
| Offer Type | Initial Public Offering |
| Offer Method | Offer for Subscription |
| Purpose | The proceeds from the sale of 97,822,500 shares which is approximately GH¢29.35 million (¢293.47 billion), will go to the Government. The Government of Ghana is selling part of its stake in the Company for the following reasons:
|
| Utilization of Proceeds | The Offer is an unrestricted open cash offer of 97,822,500 ordinary shares of no par value, which represents 50% of the GoG’s stake in SIC. Out of the 97,822,500 shares on offer, 19,564,500, representing 10% of the issued shares, are earmarked for the employees of SIC at a price of 30Gp (¢3,000) per share under an Employee Share Ownership Plan (ESOP). The remaining 78,258,000 shares are being offered to the general public also at a price of 30Gp (¢3,000) per share. |
| Target Investors | The Offer is being made to individuals and institutions resident in Ghana, individuals and institutions in foreign jurisdictions whose laws allow them to invest under the terms of the Offer. |
| Par Value of each share | GHC |
| Authorised Share Capital | 500,000,000 |
| Fully Paid Share Capital | 195,645,000 |
| Shares Offered for Sale | 97,822,500 |
| % of Fully Paid Shares Offered for Sale | 50.00% |
| Offer Price per Share | GHC 3,000.00 |
| Price Earning (PE) Ratio at Offer Price | |
| Dividend Yield at Offer Price | -- |
| Offer Open Date | 9:00 am Monday, Dec 03, 2007 |
| Offer Close Date | 5:00 pm Friday, Dec 21, 2007 |
| Allocation Begin Date | Friday, Dec 28, 2007 |
| Allocations End Date | Friday, Jan 04, 2008 |
| Results of Allocation Announced | Friday, Jan 04, 2008 |
| Dispatch of Share Certificates | Friday, Jan 11, 2008 |
| Commencement of Trading on Ghana Stock Exchange | 9:30 am Thursday, Jan 18, 2007 |
| Key Numbers | |
| Fiscal Year End | December |
| Currency | -- (--) |
| Sales (in millions) | -- |
| 1 Year Sales Growth | -- |
| Annual Income Summary (in millions except EPS data) | ||||
| -- | -- | -- | December 31, 2006 | |
| Sales | -- | -- | -- | 445,818.00 |
| Pre-Tax Income | -- | -- | -- | 40,195.00 |
| Net Income | -- | -- | -- | 29,519.00 |
| Average Shares | -- | -- | -- | 50.00 |
| EPS | -- | -- | -- | 590.38 |
| Total DPS | -- | -- | -- | 260.00 |
| 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, 2006 | |
| Cash & Equivalents | -- | -- | -- | -- |
| Total Current Assets | -- | -- | -- | -- |
| Total Liabilities | -- | -- | -- | -- |
| Share Holder Equity | -- | -- | -- | -- |
| Long Term Debt | -- | -- | -- | -- |
| Annual Consolidated Cash Flow (in millions) | ||||
| -- | -- | -- | December 31, 2006 | |
| 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 | -- | -- | -- | -- |
State Insurance Company (SIC) Prospectus |
| State Insurance Company Limited |
| IPO of Insurance Company in Hot Ghana Market Sparks Excitement |
| State Insurance Company Limited - 04 Dec, 2007 |
| State Insurance Company (SIC) Limited on Monday launched its long awaited Initial Public Offer (IPO) with an unrestricted open cash offer of 97,822,500 ordinary shares of no par value representing 50 percent of Government of Ghana's stake in the company. |