… that guarantees our land and our people will be well protected.
Of the people, by the people and for the people!
Oromia Insurance S.C. established
By MulukenYewondwossen
The founding general assembly of Oromia Insurance S.C, sister company of Oromia International Bank was held yesterday, July 26, 2008.
Promoters of Oromia International Bank started selling shares to establish Oromia Insurance S.C. following a promotional meeting held on April 19, 2008, at the Hilton Addis. Close to 47 million Br was pledged for subscriptions.
The National Bank of Ethiopia (NBE) has given the promoters the license to sell shares and a blocked account has been opened in three branches of the Cooperative Bank of Oromia, in Addis Abeba. More would be created at Awash International Bank S.C. and the Commercial Bank of Ethiopia (CBE).
The promoters envisage raising a subscribed capital of 100 million Br, and a paid up capital of 25 million Br. With a par value of 1,000 Br, the minimum number of shares that can be secured is 12, worth 12,000 Br, while the maximum stands at 20,000 shares valued at 20 million Br. The subscriber is required to pay 3,000 Br and five million Birr, respectively.
When licensed, Oromia Insurance S.C. will be joining 10 private and one state-owned - Ethiopian Insurance Corporation (EIC) - insurance companies to tap into the increasing profits garnered by the financial industry in the country.
The organizers state that social, technological and legal factors are conducive to the institution of a new insurance company in Ethiopia.
Oromia International Bank’s founding general assembly had been held in December 2008, at Hilton Hotel with the attendance of more than two thousand people. The bank will open its first branches within weeks in Addis Ababa and 16 other cities and towns, Dr. Likissa Dinsa, board member of the bank, told Capital.
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