In anticipation of its IPO, Servicom company decided, through its Extraordinary General Meeting of 25 September 2008, to increase its share capital by the creation of 100 000 new shares with a cash value of 1dinar each . The issue price was set at 3.5 dinars, 1dinar of nominal and 2.5 dinars premium.
Founded in 2003, Servicom Company started its activity during the 4th quarter of 2004. It provides expertise in road infrastructure and telecommunications offering a global range of competencies covering the engineering field as well as public utility, maintenance and development fields. Its main client is Tunisie Télécom.
The company has since expanded its scope of activities including the creation of other companies operating in the installation and distribution of all kinds of equipment for infrastructure, which creates a synergistic effect between group companies without recourse to subcontracting work
The five companies included in the group are:
– Servicom provides services relating to telecommunications infrastructure, maintenance and extension of copper and fibre optic telephone network and installation of companies networks.
– Servitra, the flagship of the group, is a multidisciplinary public works company in the field of infrastructure , roads and pipe networks such as transportation and distribution, sanitation water, public lighting and drinking water.
– Servitrade is the representative of Hitachi Air Conditioning & Heating in Tunisia. It distributes machinery and equipment, air conditioning and heating of the brand “Hitachi” adapted to different types of applications including residential, business and government and other institutions.
– Sirtip-Servicom, a joint venture set up as part of three partnership projects between Servicom and Sirtip. Currently, it is on the back-burner. Liquidation is scheduled for 2009.
– Serviprint is a subsidiary that specializes in digital printing.
Servicom which had at its creation, limited financial resources, has recorded “a very high growth and profits have been reinvested in its development. Thus, funding has been carried out , first, through equity and later through venture capital.
Being slightly indebted and enjoying a sound financial structure, as stated in its memorandum of private placement, the company has now reached a size requiring more funding to cope with growth
Servicom recruited during the period 2004-2007, engineers and technicians. The staffs are 383 with a frame rate of 7%.
Leasing and reinvestment of profits
Servicom said it is pursuing a policy based on leasing aimed at financing acquisitions of equipment and transport. Meanwhile, it acquires its office equipment by its own resources.
Finally, the company’s policy is based on reinvesting profits in the participation in other companies and new projects.
As for future investments, the strategy of the company is to build distribution centres within subsidiaries.
Finally, and as far as motivations for investment are concerned, Servicom argued that the ration Equity / Debt is set to increase following the consolidation of the equity of the company and reduced debt, resulting in a decreased risk intrinsic to the society as profitability improves.
In terms of governance, potential investors will be awarded a position at the permanent audit committee or the implementation committee while a position in the Board is reserved for new shareholders.
In terms of growth, the company notes that it has shown in the past that it “can manage a fast growing and will continue to do so to achieve its goal of being a future regional leader in infrastructure-related services, a booming sector in the Maghreb region