Details of SIC Insurance Company Limited
|Company Name||SIC Insurance Company Limited|
|Stated Capital||GHC 2,500,000|
|Nature of Business||Insurers and reinsurers generally for risks of every type and description|
|Registered Office||Nyemitei Hse. 28/29 Ring Road East|
|Types of Traded Securities||Ordinary Shares of no par value|
|Issued Shares(GH) (mil.)||195.65|
|Directors||Mrs. Felicity Acquah|
|Change of Name||State Insurance Corporation|
SIC announces that the Board of Directors of the company will be recommending to the shareholders at its upcoming Annual General Meeting the payment of a final dividend of GH¢0.0214 per share for the financial year ended December 31, 2015.
All shareholders registered in the books of SIC at the close of business on Thursday, 11th August, 2016 will qualify for the final dividend.
Closure of Register
The Register of shareholders will be closed on Friday, 12th August, 2016.
In view of the foregoing, the ex-dividend date has been set as Tuesday, 9th August, 2016. Consequently, an investor purchasing SIC shares before this date will be entitled to the final dividend. However, an investor buying SIC shares on or after Tuesday, 9th August, 2016 will not be entitled to the final dividend.
Dividend Payment Date
The proposed dividend if approved will be paid on Friday, 30th September, 2016.
Annual General Meeting
SIC announces that the Company’s Annual General Meeting will be held at the Ghana College of Physicians and Surgeons on Thursday, 4th August, 2016 at10.00 am.
Issued at Accra, this 19thday of July, 2016.
SIC announces that due to unavailability of venue, the date of the Company’s Annual General Meeting has been changed to Friday, July 31, 2015 at the Ghana College of Physicians and Surgeons at 10.00 am.
The Directors will not recommend dividend for the 2014 financial year.
Issued at Accra, this 14th day of July, 2015.
The board of SIC has appointed Mr. Kwei Mensah Ashidam, Deputy Managing Director(Technical), to act as Managing Director.
Issued at Accra, this 30th day of January, 2014.
Issued at Accra, this 9th
day of June, 2014
day of November, 2013
The company also announces the appointment of the following Directors to the Board of SIC effective 14th November, 2013 to replace the out-going directors.
SIC has announced a final dividend of GH¢0.0177 per share in respect of its financial year ended December 31, 2009.
All shareholders registered in the books of SIC at the close of business on Thursday, May 13, 2010 will qualify for the final dividend of GH¢0.0177 per share which would be approved at the Annual General Meeting.
Closure of Register
The Register of shareholders will be closed from Friday, May 14, 2010 to Thursday, May 20, 2010 (both dates inclusive).
In view of the foregoing, the ex-dividend date has been set as Tuesday, May 11, 2010. Consequently, an investor purchasing SIC shares before this date will be entitled to the final dividend. However, an investor buying SIC shares on or after Tuesday, May 11, 2010 will not be entitled to the final dividend.
Dividend Payment Date
The final dividend of GH¢0.0177 will be paid on Monday, June 21, 2010.
Annual General Meeting
The Company’s Annual General Meeting will be held at the National Theatre, Accra on Thursday, May 20, 2010 at 10 am.
Issued at Accra, this 21st
day of April, 2010
Issued in Accra, this 7th
day of April, 2010
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SIC has released its un-audited Financial Statements for the year ended December 31, 2009 as per the extracts attached.
Issued in Accra, this 29th
day of January, 2010.
i. Mr. Max Cobbina - Chairman - May 21, 2009
ii. Mrs. Yvonne Osei-Tutu - Member - May 21, 2009
iii. Mr. Kingsley Awuah-Darko - Member - July 16, 2009
iv. Dr. Vitus Annab-Bisi - Member - July 16, 2009
v. Mr. Benjamin Acolatse - MD - July 16, 2009
SIC has released its audited Financial Statements for the year ended December 31, 2017 as per the attached.
Issued in Accra, this 9 th day of July, 2018.
SIC has released its un-audited Financial Statements for the year ended December 31, 2017 as per the attached.
Issued in Accra, this 8 th day of March, 2018.
SIC has released its un-audited Financial Statements for the third quarter ending September 30, 2017 as per the attached.
Issued in Accra, this 7 th day of November, 2017.
SIC has released its un-audited Financial Statements for the year ended December 31, 2016 as per the attached.
Issued in Accra, this 9th day of March, 2017.
SIC has released its un-audited Financial Statements for the third quarter ending September 30, 2016 as per the attached.
Issued in Accra, this 18th day of November, 2016.
SIC has released its un-audited Financial Statements for the half year ending 30th June, 2016 as per the attached.
Issued in Accra, this 2nd day of August, 2016.
Issued in Accra, this 2nd day of February, 2016.
Issued in Accra, this 17th day of August, 2015.
Issued in Accra, this 30th day of January, 2015.
Issued in Accra, this 3rd day of November, 2014.
Issued in Accra, this 21st
day of August, 2013.
Issued in Accra, this 1st
day of November, 2013
Issued in Accra, this 31st
day of July, 2013
Issued in Accra, this 1st
day of February, 2013
Market News & Information
REMARKS DELIVERED BY HON. MONA HELEN K. QUARTEY, DEPUTY MINISTER OF FINANCE ON THE OCCASION OF THE LISTING OF IZWE LOAN LIMITED GHS80 MILLION M MEDIUM TERM NOTE ON THE GHANA ALTERNATIVE MARKET (GAX), 14TH NOVEMBER, 2014, GHANA STOCK EXCHANGE (GSE) TRADING FLOOR AT 9:30AM
The Chairman of the Ghana Stock Exchange (GSE)
The Director General of the Securities and Exchange Commission (SEC)
The Managing Director of GSE
The Deputy Managing Director of GSE
The Chairman of IZWE Loan Limited
The Managing Director and Management of IZWE Loan Ltd
Members of the media,
Distinguished invited Guests,
Ladies and Gentlemen
1. It is a great pleasure to be part of this landmark event. Today IZWE Loan Limited is listing GH¢ 80 MILLION MEDIUMTERM NOTE on the Ghana Stock Exchange (GSE). This is a remarkable achievement for us as policy makers and key stakeholders in the transformation of our financial sector. This listing is the first local currency-denominated corporate bond and an opportunity for us to use the newly launched GAX.
2. Let me welcome IZWE Loan Ltd to the bourse and congratulate the Board, Management and staff for this important stride in the business. Special thanks to Lead Arrangers and all other related institutions for this transaction.
3. I have been informed IZWE Ghana is part of a Pan-African Financial Services Group operating in Zambia, Kenya and South Africa. The Board and Management deserve special commendation for efficiently and effectively managing the company and issuing this bond in Ghana. We expect that this step will not only broaden the investment scope and diversify their portfolio with those in the fixed income market, but also lead to an enhanced liquidity of corporate bonds on the Exchange.
4. IZWE Loan Ltd listing on GAX today is a clear demonstration that the company is poised to meet the high expectations of investors and the general public. The Company will now be expected to set higher targets including higher returns on investment, profitability capital adequacy for itself. I therefore urge IZWE Loan Management and employees to continue with their zeal in providing quality services and improved financial performance to the satisfaction of all its Stakeholders.
5. It is also noted that IZWE is currently serving over 35,000 customers in Ghana with loan book of about GH¢90million. The proceeds from the Notes are to be used to finance IZWE loan activities and manage its liquidity situation. Let me advise the managers of the fund to use the funds judiciously and for the set objectives. In this way, IZWE will be contributing immensely to the development of our capital market and the economy in general.
Distinguished Ladies and Gentlemen
6. Government’s strategic direction is to expand opportunities for all and ensure an accelerated socio-economic transformation in partnership with the private sector. Through various reforms in the financial sector over the years, progress has been made in expanding the range of financing options for businesses seeking to raise capital. We are of the view that these options still remain narrow, dominated by the banking system which generally is only able to offer short-term financing and a limitation for medium to long-term financing.
7. We therefore need to harness all resources towards the achievement of more robust, deeper and broader financial system. Developing the capital market will enable us attract the financing needed for critical investment for both Government and the private sector. In this regard, Government is working assiduously with other stakeholders to place the corporate bond market on a sustainable growth path.
8. A vibrant capital market will help close the infrastructure gap, create wealth, unleash the creative potential of the people, inject efficiencies in the operation of public utilities and enterprises, and turn ideas into marketable products of global dimensions. The capital market as part of the financial system is therefore critical for our economic development process.
9. The importance of Small and Medium Enterprises (SMEs) and their contribution to economic growth, social cohesion, employment and community development is acknowledged worldwide. This sector continues to play a vital role, as a tool for the economic empowerment of the poor. In Ghana, SMEs account for over 90% of business enterprises and continue to contribute largely to the creation of new jobs.
10. It is estimated that SMEs provide about 85% of manufacturing employment, account for over 90% of existing businesses and are the primary driver for GDP growth. Broadly, SMEs contribute to economic diversification, employment creation, provision of basic goods and services, and generation of exports and tax revenues for our development process.
11. It is gratifying to note that Government’s efforts in establishing the alternative Market, (GAX) has begun yielding positive results. The focus of GAX on start-ups and existing enterprises with the potential for growth is a step in the right direction. In addition, listing on the Exchange also bring enormous benefits. Let me note a few below.
• Initial listings increase a company’s ability to raise further capital;
• The Exchange facilitates transparency in transactions of listed securities in a competitive condition;
• Reinforce the culture of equity ownership across the wider Ghanaian public;
• Expand investment options for all Ghanaians; and
• Improve corporate governance
12. We therefore urge all other businesses to follow the foot prints of IZWE Ghana to use GAX as a medium to raise capital to finance new projects, undertake expansions, diversifications and for acquisitions.
13. Government will continue to support this alternative market through various collaborative initiatives to improve infrastructure and create a conductive environment that will attract investors. The Government will also continue to issue and list bonds with a view to providing an important benchmark for other securities offered in the market.
14. Currently, all indications signal a potential for growth in the securities market. The over subscription recorded in recent past securities issued both in domestic and global markets testifies to the huge potential in the sector that can be mobilized and channeled to fuel our economy. We therefore need to intensify our education and awareness campaign for potential investors and issuers as well as the general public.
15. I wish to reiterate that the capital market and for that matter the Exchange remains the most appropriate source of capital and a trading platform for all businesses seeking to raise long term financing at a relatively lower cost for their operations. We need to rely on this alternative financing route to complement the financing from the banking system. In this way, the private sector will be able to play its role in the development process more meaningfully.
16. Once again, I commend all stakeholders for this significant achievement in our financial sector development process. To IZWE Ghana, congratulation on a successful bond listing, and I wish you all the best as you forge ahead with your business.
Thank you all
The market continued to witness low trading volumes during the first half of 2009.
Aside the global economic crisis, the low activities can also be attributed to the somewhat slow process of immobilization of share certificates into the new depository system. This has to some extent slowed down activities as only shares in the depository are allowed to trade. It is expected that the trend will change when more investors dematerialize their paper certificates and the Ghanaian economic climate improves.
The GSE All-Share Index recorded a decrease of 48.00% to end the half year of 2009 at 5,423.98points. This is in sharp contrast to the 55.77% gain recorded during the same period in 2008. This means that during the half year to June 2009, the GSE All-Share Index was significantly below the interest equivalent on 91 day Treasury bills of 25.49%.
Turnover recorded for the period under review was significantly lower than that for the same period in 2008. The half year to June, 2009 recorded a total volume of 41.47million shares valued at GH¢37.69million compared with a volume and value of 189.08million shares and GH¢196.53m respectively for the same period in 2008.
The ten most actively traded equities for the period January to June, 2009 contributed to total volume and values of trades recorded on the market. In volume terms, GCB continued to lead the pack contributing 28.87% to total volume traded, followed by SCB and CAL with 22.40% and 13.7% respectively. BOPP was fourth with 10.15% while FML, ETI, AYRTN, UNIL, SIC and UT, followed in that order with between 6% and 1% of total volume traded.
In value terms, SCB led the half year with a contribution of 39.33% to total value traded followed by GCB and UNIL with 24.87% and 9.04% respectively. Other companies including CAL, PZ, BOPP, FML, ETI and GGBL contributed between 5.74% and 0.99% to total value traded.
Market capitalization at the end of June, 2009 was GH¢15,279.49m (approx. US$10,465.40m) compared with GH¢15,587.76m (approx. US$15,133.74m) at the end of June 2008.
The process of immobilizing share certificates into the GSE Securities Depository system continued to be vigorously pursued by the Exchange. The GSE Securities Depository Company Ltd (GSD) and the Exchange during the period under review consulted and collaborated with stakeholders, particularly Registrars, Dealers and Listed Companies in this regard. It is expected that the evidence of the positive results of the GSE automation will soon be significant as a good number of share certificates are deposited in depository accounts by existing shareholders and new accounts are opened by potential investors.
To facilitate this programme, all listed companies at their respective AGMs passed resolutions as directed by the Exchange to amend their company regulations in order to allow for the conversion of paper certificates into electronic securities. The Exchange and the GSD had the opportunity at these AGMs to speak to shareholders on the benefits of the Depository. So far the top ten with respect to the level of dematerialized securities are:
Although the impact of the global financial crisis is being felt in the Ghanaian economy, recent attention on Ghana from the international community as a result of the country’s relatively stable political environment in the sub-region, the visit by the US president, President Barack Obama and Government’s effort aimed at greater economic stability are indications that opportunities still abound for wealth creation and stability augurs well for both existing and potential investors on the stock market. Analysts also believe that the Exchange’s performance in this first half of the year presents an opportunity for stock market investments as shares are relatively cheaper at current prices.
The stock market performance during the first quarter ending March 31, 2009 was not much different from the downward trend on most global capital markets. There were generally, low market activity characterized by low demands and large offers for listed securities resulting in a downward pressure on share prices.