Shabait.com (Asmara)

7 June 2014

Eritrea: NICE Holds 10th Annual Meeting of Shareholders

Asmara — The National Insurance Corporation of Eritrea (NICE) held 10th annual meeting of shareholders today at Asmara Palace Hotel.

Speaking at the meeting in which stakeholders and invited guests took part, Dr. Girmai Abraham, Chairman of the corporate Board of Directors, stated that the establishment was transformed to share company in line with the initiative taken by the Government in 2005 to raise the impact of the private sector in the development of the national economy. He further indicated that the establishment could witness growth over the past decade thanks to its adherence to trade regulations in general and those pertinent to the private sector in particular, besides calling on share holders to step up sober handling in their work.

In a report he presented at the meeting focusing on the annual accomplishments, Mr. Zeru Woldemichael, Managing Director of the corporation, disclosed that the corporation drew a total revenue of 217 million Nakfa from general sales of insurance services in the year 2013, in addition to announcing that it would allot an aggregate dividend of around 53 million among share holders, including the new ones.

He also outlined the corporation's engagements in subsidiary business activities in other sectors including animal feed production and irrigation farming, besides joint venture with New Sudan Insurance and other companies of this type in Kenya as well as Nigeria, among others.

The shareholders elected a 7-member administrative board which would serve for 3 years.

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