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HomeNewsTunisia: IsDB sells its stake in Zitouna Bank to Triki Group

Tunisia: IsDB sells its stake in Zitouna Bank to Triki Group

The Islamic Development Bank (IDB) has sold its entire stake in Zitouna Bank to the Triki Group, Ilboursa reported Monday.

The transaction, which materialized on Friday, July 6, 2018, involved 25,084,739 shares representing 20.9% of the capital of Zitouna Bank at a price of 4.100 dinars per share.

The transaction cost the Triki Group a whopping 102.8 million dinars.

The deal between the two parties came to fruition a few days after the announcement by Alkarama Holding of the list of candidates who submitted offers of expressions of interest for the acquisition of 69.15% stake in Zitouna Bank.

A list of which the Triki Group appears through Le Moulin in consortium with Amana (Tunisia), Alfa Lux (Luxembourg) and Rusd Investment Bank INC (Malaysia).

The IsDB has decided to completely withdraw from Zitouna Bank following a disagreement with Al Karama Holding related to the conditions of transfer of the State’s stake in the bank that have been included in the specifications related to the tender.

The Triki Group is a group of several companies with various activities, including agribusiness (Confiserie Le Moulin, parent company), poultry farming, furniture, textiles and construction.

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