Listing of NICHL Bonus shares on the Uganda Securities Exchange (USE)

NIC Holdings Limited (formerly National Insurance Corporation Ltd) (“NICHL”) is pleased to announce the listing of new 707,889,859 ordinary shares (Bonus Shares), after receiving approval from the Capital Markets Authority of Uganda.,

The Bonus Shares of NICHL are now listed on the Main Investment Market Segment (MIMS) of the Uganda Securities Exchange as of 11th July 2022.

According to NICHL Managing Director Mr. Bayo Folayan: “Completion of the bonus issue increases the paid-up capital of the holding company that owns our two subsidiaries transacting non-life and the life businesses in order to meet regulatory requirements set by the Insurance Regulatory Authority (IRA).”

Crested Capital are the Lead Sponsoring Stockbrokers for the Bonus Issue. According to Robert H. Baldwin, CEO of Crested Capital: “Bonus issues are a way for companies to reward shareholders through distributing shareholder reserves in the form of shares rather than dividends. Further, previous bonus issues in our market have been an efficient tool for improving liquidity in some cases. After Monday’s bell ringing event, we have seen improved liquidity on the counter.”

Shareholders should expect communication from the Company’s Registrar informing them about their bonus shares entitlements. For more information, shareholders may contact SCD registrars at registry@use.or.ug.