Introduction:
We, whose names and signatures appear on this Memorandum of
Association, being the shareholders of SUCCESS INSURANCE
COMPANY, met at the 8th Extraordinary General Assembly of
Shareholders and signed the Attendance Sheet.
Success Insurance Company was established in 2000 under the
Ethiopian Commercial Code Article 307/2 and 316 for the purpose
of issuing and regulating a business license based on Proclamation
No. 86 or 1986. The Memorandum of Association was prepared
based on the provisions of the community law and related
regulations. A capital of 30,000.00 shares (30,000,000.00 Birr as
the main capital) was authorized, and the main capital was paid at
a rate of 25 percent in cash by five shareholders on the 29th day
of Hidar, 2007.
After the establishment of the company, in subsequent years, the
number of shares issued and paid increased significantly in
relation to the company's business objectives and operational
expansion. Various changes were made during different periods,
including significant decisions made in meetings held on
Meskerem 28, 2004; Tahsas 7, 2006; Tahsas 6, 20; Tahsas 18,
2008; Hidar 18, 2011; and Tahsas 4, 2016. These changes were
based on decisions from extraordinary general meetings of
shareholders.
Overall, the company has made improvements based on its
operational memorandum and regulations over time.
The current status of the company's memorandum reflects a total
capital of 357,897.00 shares with a main capital amounting to
357,897,000.00 Birr (three hundred fifty-seven million eight
hundred ninety-seven thousand Birr) and a paid-up capital of
275,946,000 Birr (two hundred seventy-five million nine hundred
forty-six thousand Birr). The number of members reached 308.
