From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Mon Jun 08 2009 - 11:48:30 EDT
5th Annual General Meeting of NICE's Shareholders Conducted
Simon Mesfun, Jun 8, 2009
Today, the world is facing an economic crisis and the big companies are
declaring bankruptcy. But the National Insurance Corporation of Eritrea
Share Company (NICE) managed to provide similar amount of dividend to
the shareholders regardless of the economic crisis of the world is
facing today. This was addressed on the one day meeting of the 5th
ordinary annual general meeting of the National Insurance Corporation of
Eritrea Share Company held on 6th June 2009 at Asmara Palace Hotel in
the capital in the presence of government officials, military
commanders, shareholders, observers and invited guests.
Started with a cultural show of Wari Cultural Group, the opening
ceremony, presented the detailed activities of the company in the past
year.
***image:right2***Mr. Zeru Woldemichael, General Manager, in his speech
welcomed the participants of the meeting and reported the operational
activities, developments and risks the company is facing at the moment.
"Last year, the general profit of the Company was 141 million Nfa (145
million in 2007) and 44.4 million Nfa (46.7 million Nfa in 2007) net
profits were gained and 48.5 million Nfa (50.5 million Nfa in 2007) will
be distributed to the shareholders. This includes services from
management and investment income," he explained.
Regarding the risks the Company is facing at the moment, the General
Manager said that the insurance business is a boundary-less business and
the economic crisis of the world will obviously influence NICE. "But
minimizing the loss is our main task," he added.
Mr. Zeru also provided an example of how the economic crisis influences
NICE and said that AIG's (the biggest insurance company in the world)
economic crisis at the moment created some disturbances in NICE, as it
had some businesses with it. "So we have to know that big companies with
an experience of over hundred years can be bankrupt within days and they
could abandon us immediately," he added.
***image:left3***"We have to know that the perturbing situation around
us could not be eliminated easily, but by the dedication and hard work
of our employees we will try to manage the risks no mater what," he
informed.
Guest of honor, Prof. Abraham Kidane, in his part said that it is a
source of pride and motivation for the country as well as the
shareholders to see NICE confronting the current economic crisis of the
world.
Regarding the activities of NICE related with its shareholders Mr. Eyasu
Hadgu, a shareholder, said, "I am glad that NICE was able to pay
dividend to its shareholders, more or less at the same level as last
years. This is evidence that in spite of any challenges NICE's
management is performing at its usual level of efficiency."
Dr. Girmay Abraham, Chairman of the Board of Directors, in his speech
reported on the Board's activities in the past year and thanked the
General manager and members of the Board.
Mr. Abraha Tkuu, a shareholder also said, "It is only a 0.40 Nfa per a
share and 2 million Nfa from the overall profit decrease in this year's
dividend compared to last year, so I don't see any difference rather
than outstanding profit. It is the only Insurance Company in the country
and it is using the chance well."
The shareholders of the National Insurance Corporation of Eritrea Share
Company at the 5th Ordinary Annual General Meeting considering the
memorandum and articles of association agreed to hold its 6th ordinary
annual general meeting in the month of May/June 2010 or as soon as the
audit accounts for the 2009 financial year is finalized as shall be
determined by the board of directors.
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