SIC is to float shares next year

Accra, Dec. 1, GNA - Cabinet has approved the privatisation of the State Insurance Company (SIC) next year, Mr Peter Osei Duah, the SIC Managing Director, has said.

Speaking at a press soiree in Accra on Thursday, Mr Duah said the Ministry of Finance and Economic Planning had notified SIC that plans were afoot to float the company's share on the Ghana Stock Exchange. "Between February to March next year the floating of shares would have begun. The Government of Ghana will take 40 percent of the shares, foreigners will take not more than 20 per cent and the rest will be invested."

"This would enable us to further expand our scope of activities and become more competitive."

Mr Duah said the government had directed the Ministry of Justice to study the company's statement policy in order to avoid any violation. The Life and General Portfolios of SIC, he said, would initially be separated and shares of both entities would be offered for sale to the public separately.

He said the company had already short listed three brokerage firms to be lead managers of the sale of shares to the public. The Managing Director said the privatisation would not only bring transparency in the company's operations but would enhance its efficiency.

Mr Duah said SIC was working on software that would enable the public to access some of its products on line.

Mr John Kusi Mensah, the Head of Corporate Affairs, said despite the loss from the Good Friday fire at the Team Shipyard and Dry docks, the company had chalked successes in its operations.