Tunisia Valeurs will turn into a merchant bank by the end of 2019 or no later than early 2020, its board chairman Fadhel Abdelkefi said on Thursday.
In a financial communication held at the headquarters of the Tunis Stock Exchange, Abdelkefi further said that “this financial institution had obtained, in January 2019, the agreement in principle of the Central Bank of Tunisia, to become a merchant bank which has been accompanied by a number of conditions.
These include increasing the capital from 10 to 20 million dinars, by incorporation of reserves, obtaining of the agreement of the CMF (already obtained), with a view to creating two new companies 100% held by Tunisie Valeurs, for the exercise of stock brokerage and asset management activities and organizational compliance (Information system, governance, procedures manual… “
Tunisia Values is currently working “to fulfill the requirements, to guarantee this transformation.
In accordance with the regulations in force, we have 6 months from the date of approval in principle (i.e. no later than the end of July 2019), to comply with the requirements of the Approval Committee, before returning to the BCT to file the final application.”
Regarding the financial statements of the company for the year 2018, Walid Saibi, CEO of Tunisie Valeurs, said the “operating income increased by 17.5% in 2018, to 19.5 MD, 13% over budget.
Operating expenses increased by 21% to 13 MD (9% above budget). Similarly, the net result was 6 MD (+ 74% compared to 2017) in excess of 18% compared to the budget “.
Tunisie Valeurs, which is holding its Ordinary General Shareholders’ Meeting on March 29, will propose the distribution of a dividend of 1.800 dinars per share for the 2018 financial year, compared to 1.040 D per share in 2017.
Promise made, promise broken, since Tunisie Valeurs has already promised to distribute 60% of its profit “concluded Abdelkefi.