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Wednesday 1 February 2023
HomeNewsTunisia: Kuwait's Ekuity exits STAR with TND 19.635 million

Tunisia: Kuwait’s Ekuity exits STAR with TND 19.635 million

In a “statement of significant transactions carried out by persons exercising managerial responsibilities and persons related to them”, STAR, a Tunisian insurance and reinsurance company, with French shareholding, reported the sale by the CEO of Ekuity Capital Mohamed Al-Nemah, of 127,500 shares for the sum of TND 19.635 million.

The sale was made at a price of TND 154 per share, while the STAR stock was trading at TND 156, according to Thursday’s stock market listing by broker Mac sa.

Another statement by Ekuity, announced that it has crossed the threshold of 5% down its participation in the capital of the insurer. Ekuity held 5.52% before the threshold was crossed and has completely sold it.

Ekuity Capital, formerly known as the Tunisian-Kuwaiti Development Consortium (CTKD), was established in 1976 as a joint venture between Kuwait Investment Authority (KIA), the sovereign wealth fund of the State of Kuwait, the Tunisian government and the Tunisian private sector in order to promote the hotel and tourism sector in Tunisia.

It is now one of the main Tunisian investment institutions, which says it has “updated its strategy in response to the changing economic climate in Tunisia.”

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