The registration covers 1.5 million ordinary shares already held by existing shareholders and a rights issue of 476,190 new ordinary shares to be offered to current shareholders.
The transaction was advised by CBE Capital Investment Bank S.C., which announced the approval on Monday. The investment bank said the registration represents the first insurance company to enter Ethiopia’s capital market through the securities registration process.
Established in 1994, Hibret Insurance is one of Ethiopia’s leading private composite insurers, offering general insurance, long-term life insurance, and Shariah-compliant Barakah Takaful products through a nationwide branch network.
Zemedeneh Negatu, Chief Executive Officer of CBE Capital Investment Bank, said the registration is an important step in broadening participation in Ethiopia’s capital market.
“As a pioneering investment bank in Ethiopia, we are proud to have served as Transaction Advisor on this milestone transaction. The registration of the first insurance company represents an important step in deepening Ethiopia’s capital markets, and we remain committed to supporting issuers as they access and participate in the country’s rapidly evolving securities market,” he said.
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