NIC Reinstated on USE
Wednesday 7th September 2011
NIC Reinstated on Uganda Securities Exchange
The Listing Committee of the Uganda Securities Exchange (USE) today lifted, with immediate effect, the suspension of National Insurance Corporation Limited (NIC) under rule 6 of the Listing Rules 2003.
Chief Executive of USE, Joseph S. Katimirike, conveyed the notice of reinstatement in a letter to the Corporation, saying this was sequel to NIC’s full compliance with USE’s directive on the publication of the Corporation’s 2010 audited accounts; the unaudited 2011 half-year report and the notice of Annual General Meeting (AGM).
Managing Director of NIC, Sam Njoroge, described the lifting of the suspension as a welcome development, stressing: “As a publicly quoted institution with strong financial capacity, NIC will continually endeavour to comply with all regulatory requirements as we maintain the core values of good corporate governance towards meeting the aspirations of all our stakeholders.”
He reaffirmed the commitment of NIC to being the preferred provider of insurance, risk management and financial services in Uganda and, indeed, the East African region through the creation, preservation and protection of wealth whilst being socially responsible.
“We shall continue to diligently work with all stakeholders, including UIC, USE, CMA, Government, our clients and shareholders in our steadfast drive to achieve our goals and engender higher contributions by NIC to the growth and development of the economy of Uganda,” Njoroge said.
The managing Director also seized the opportunity to invite shareholders to the Corporation’s upcoming AGM, which will hold from 2.00pm on 28th September at the Imperial Royale Hotel.