Ethio-Life & General Insurance S.C. (ELIG) has declared its desire to sell new shares to interested buyers, its managers disclosed during a press briefing held at Harmony Hotel, on November 20, 2014.
The company, which now claims to register 29 million Br paid-up capital raised from 669 shareholders, will float 58,000 new shares into the market for sale. A firm which operates 13 branches, Ethio-Life saw this measure as a way to widen its network and mainly to fulfill the capital threshold set by the National Bank of Ethiopia’s directive, according to a press release the company issued last week.
The central bank gave three years for insurances to reach a capital threshold of 60 million Br, by December 2015, and have an additional of 15 million to put into life insurance. Those companies that fail to fulfill this requirement will be forced to liquidate or to merge with other insurance firms.
Ethio-Life has announced that in order to aid facilitation it has opened accounts with seven different banks. Its managers have also plans to open two branches in the Oromia Regional State, hoping to beef up their written premium which has reached to 42.43 million Br on June 30, 2014.
Leave a Reply