Al Karama Holding, a group which manages the companies confiscated from the clan of former President Ben Ali, announced, on Friday, February 28, the official resumption of the process of transfer of the direct and indirect participations held by the Tunisian State in the capital of the Carthage Cement company.
The Tunisian state holds, it is recalled, more than 50% of the capital of the cement plant, which had announced, during the financial communication of October 8, 2019, its financial restructuring plan.
A prequalification file will be made available to interested national and international investors in March 2020. It will give more information on the company and the proposed divestment process.
A first attempt to sell the state’s stake in the cement plant failed in 2018. Since then, the Al Karama Holding group has been trying to restore its financial situation, a sine qua non condition for a successful transfer process.
The company's financial restructuring plan provides for a capital increase of 130%, ie from 223.77 MTD dinars to bring it from 172.1 MTD currently to 395.9 million dinars, or an apparent parity of 13 new shares subscribed for 10 old shares held.
Located about thirty kilometers southeast of Tunis, at the foot of Djebel Ressas, Carthage Cement is a cement plant that operates a quarry in property juxtaposed with the factory. She gets her raw materials there.
After the suspension, from December 7, 2018, of the listing of “Carthage Cement” shares on the Tunis Stock Exchange, at the request of the Financial Market Council (CMF), the latter had ordered its resumption (the listing), from November 21, 2019.
This decision was taken following the publication by said company of its financial statements for the year 2018.