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12.12.2007 General News

Traditional ruler urges public to buy SIC shares


A traditional ruler has stated that the current financial position of the State Insurance Company (SIC) makes it a very viable business entity for investment in the country.

Baffour Osei Tutu Amofa XI, Kronkohene of Kumasi, urged Ghanaians to take advantage of the floatation of public share by the company and invest, in order to benefit from the company's output.

Speaking at the Ashanti Regional launch of the SIC Initial Public Offer in Kumasi, Baffour Amofa said investors stood the chance of obtaining higher dividend, considering the 10 billion cedis dividend the company paid to the government in 2005.

The SIC is offering 97,822,500 shares at 30 Ghana pesewas per share to the public.

The offer started on December 3rd and is expected to end by December 21, 2007 and investors can purchase a minimum of 200 shares.

Professor Seth Buatsi, Dean, School of Business, Kwame Nkrumah University of Science and Technology, said the present economic situation, especially in the financial sector, offered an opportunity for Ghanaians to invest in the capital market.

He said SIC had grown to become one of the financial giants in the economy and there was the need for the public to purchase shares to enable the company to expand its activities.
Mr Peter Osei Duah, Managing Director of SIC, said the company had been an integral part of the Ghanaian community for the past 45 years and the time had come for it to open up to the larger community.