HomeNewsTunisia: Carthage Cement increases capital by 172 MD for restructuring

Tunisia: Carthage Cement increases capital by 172 MD for restructuring

The Financial Market Council (CMF) has just granted its approval to Carthage Cement (a confiscated company) to increase its capital from 172 million dinars (MTND) to 395 MTND by issuing new shares, said the Tunis Stock Exchange.

The Extraordinary General Meeting of Carthage Cement held on October 11, 2019, accepted the decision to increase the company’s capital by 223,774,733, at an issue price of TND 1.200 per share (i.e. a nominal value of TND 1 and an issue premium of TND 0.200).

The subscription operation will start from January 17, 2020, and will continue until March 17, 2020.

The amount of the share capital increase in cash may be limited to the amount of subscriptions provided that it reaches ¾ of the proposed increase (167 MD).

The subscription operation is part of the financial restructuring and the regularization of the company’s shareholders’ equity, under the conditions and within the time limits provided for by law and in accordance with the provisions of Article 388 of the code of commercial companies.

The Managing Director of El Karama Holding Adel Grar had previously indicated that, concomitantly with the capital increase operation of the company, the sale procedure of the company will be launched, after the failure of the first sale operation launched at the end of 2018 in the absence of serious offers.

According to Brahim Sanaa’s managing director, the financial situation has improved after the structural problems that the company has been experiencing for the last five years, stating that in

the next period the company will conclude a contract for the export of 100 thousand tons of cement to Spain.

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