The Banque Internationale Arabe de Tunisie (BIAT) has acquired 11,934 securities, at a weighted average price of 18.150 d, for a total amount of 216,602,100 dinars, i.e. the remaining shares composing the capital of the company Tunisie Valeurs (stock market broker), it said in a press release Thursday.
The Board of Directors of Biat had approved at a meeting on January 22, 2020, the project to buy the Company Tunisie Valeurs.
This involves the acquisition of a majority block exceeding 50% of its capital.
The merger of the two institutions – BIAT and Tunisie Valeurs – is part of the development of the banking and financial intermediation business, with the aim of creating a specialized player in equity capital operations.
This acquisition comes in application of the provisions of the Stock Exchange’s general regulations and in particular its Article 146 and of the decision of the Financial Market Council No.14 of March 23, 2020, which set the conditions of the compulsory takeover bid to which BIAT was subjected, targeting the remaining shares composing the capital of Tunisie Valeurs.