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Tunisia: Gov’t decides to sell 60% of capital of EL FOULADH to strategic partner

At the end of a ministerial working session, the government has given its agreement in principle for the opening of the capital of the Tunisian Company of Iron and Steel “EL FOULADH” to the benefit of a strategic partner to the extent of at least 60%.

In parallel, negotiations with all public creditors of the company, including public banks, have been initiated to contribute to the company’s financial restructuring effort.

Within this framework, the public banks expressed their initial approval of a proposal aiming at the assumption by the State of the debts of the public banks within the framework of an agreement which will be spread over 25 years.

In addition, it was decided to coordinate with the social partner in order to set the percentage of opening the company’s capital to the benefit of the new buyer and this, to complete the file and present it to a cabinet meeting to be held later.

For its part, the Ministry of Industry, Energy and Mines has pledged that the relevant departments of the Prime Ministry will focus on the additional file of the company’s restructuring, to present it to a ministerial working session as soon as a written response will be received from the social partner.

The company EL FOULADH has suffered a net loss of 45 million dinars in 2020 bringing its cumulative losses to 371 million dinars.

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