National Insurance Corporation’s headquarters in Kampala. Picture: Morgan Mbabazi
Kampala bourse listed National Insurance Corporation (NIC) has submitted an application to Uganda’s capital markets regulators for the approval of a planned rights issue, a move the could make it the first to raise funds under the system where shares are deposited and trades facilitated through a central depository.
NIC first announced that it was planning a rights issue in November last year and disclosures contained in its December 2011 annual report show that shareholders had approved the increase of its authorized share capital and paid up share capital, paving way for the rights issue.
