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The share bid floated by Nile Insurance Company S.C at Abyssinia Bank registered more than 100 percent increment from the original share price.
The bid was opened on Wednesday July 31 at the headquarters of the insurance company located around Beklo Bet.
The maximum amount offered for a single share worth 25 birr was about 50.55 birr, which is about 102 % increment from the original share price.
According to the bid invitation published on the state-owned Amharic daily Addis Zemen, the insurance company disclosed that the floor price for a single share was 25 birr with a 60 percent premium. That pushes the price of one share to 40 birr.
The minimum purchase on the bid was 1,000 shares and the maximum was not limited.
Nile offered 551, 894 shares that are worth a total of 13,797,350 million birr.
Officials at the insurance company have only stated the maximum offer in the bid, while the final approval of the bid was not yet concluded until Friday August 2 evening.
The officials further said that the bid has to be approved by the board before it is officially disclosed to the public.
Nile floated the shares to meet the requirement of National Bank of Ethiopia (NBE). The NBE directive ‘Time limit for reduction and/or relinquishing shareholders’ is the reason for the flotation.
According to the directive anyone that holds shares in a bank, either on his/her own or jointly with his/her spouse or with a person who is below the age of 18 years and related to him/her by consanguinity to the first degree, in excess of 5 percent of the total subscribed capital of the bank, shall reduce such holding to 5 percent or less.
Nile is one of the oldest private financial institutions in the country, dating back to the introduction of the free market some 22 years ago.
The insurance company is one of the major shareholders in Abyssinia Bank.
In the 2011/12 fiscal year, Nile earned 267 million birr in premiums from general insurance – a 45 percent increase from last year, attributed to the increase in premiums of almost all classes of business.
The net earned premium, according to its annual report, was 189 million birr, up 39 percent from the previous year. The report also indicated that this resulted from a significant increase in premiums in the motor insurance business.
The company’s profit before tax also increased by 75 percent to 37 million birr in the 2011/12 fiscal year.