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Tunisia: CB goes public, makes profit

“Les Ciments de Bizerte” company is due to go public soon through stock market by opening 20% of  its capital to  small savers. This move is part of the implementation of the January 31, 2008 ministerial meeting decision and that of February 26, 2007 one held in the framework of the consolidation of competitiveness. Two tenders were launched, the first concerning the selection of a design office tasked to assess the company’s assets and the second to choose a stockbroker. A ministerial working meeting  recommended since July 5 2008, to accelerate the opening of the company’s capital by increasing it up to 20% .

Deloitte was chosen for the assets assessment while the operation of accompanying the opening of capital was devoted to BNA-Capital.

Private share

The company’s capital amounts to 35237 833 million dinars between public shareholders, namely the State, up to 35,155 560 MTD, and private ones up to 82,273 MDT, which allows the State to be the majority shareholder with 99,766%.
Amounting to more than 35,237 MDT, the capital of this important Tunisian operator in the cement sector, includes already  some private shareholders, albeit a very low turnout.
CB which is a limited company employs 473 staff members, including about 465 on production sites. It produces cement, clinker and lime.

The production capacity is 850 000 tonnes, consistently since 2003, while production has risen from 851 810 t in 2003 to 904 314 t in 2007.

The number of shares in 2007 amounted to 84 655, while equity stood at 56 828. The liability represents 27 826 shares, turnover and 72,099 with a payroll, fairly important, 9920, is also noted that the result for the year 2007, stood at 7926 MDT.

A turnover growth and a net profit slight increase

Indicators 2003 2004 2005 2006 2007
Assets 65 587 67 244 70 360 82 153 84 655
Equity 42 205 43 944 44 785 50 677 56 828
Liiabilities 21 084 23 300 25 575 31 476 27 926
Turnover 57 721 56 341 48784 65 646 72 099
Domestic market 51 212 47 652 39 730 46 605 50 015
Export 6 509 8 689 9 054 19 041 22 084
Payroll 11 190 11 006 10 494 9 814 9 920
Net profit 2 753 3 300 2 238 7 270 7 926

It emerges from these figures  that the company is making profit and earning money.  Assets evolves and  equity as well. Note also the  saw tooth evolution of  the company’s liabilities which  stabilized last year at almost 28 thousand dinars, i.e. 1/3  of the  turnover and four times the company net profit.  Ciments de Bizerte company  is a major provider of local market which remains its main market, but it is also involved in export,  and in this regard, figures are continuously evolving since 2003.

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