Tunisia: It’s official, State sells its shares in Carthage Cement

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    Al Karama Holding, a Tunisian state enterprise that manages a number of confiscated businesses, has launched a consultation with investment banks and consulting firms to assist it in the sale of direct and indirect public shareholding in BINA Group, which owns 50% in Bina Holding and 40% in Bina Corp.

    The State will therefore sell its 6.6% directly in float and its other 35% held through Bina Holding and Bina Corp.

    According to the press release, interested bidders will have until 12 June 2017 to submit their bids.

    As of June 30, 2016, Carthage Cement’s financial statements, which ultimately failed to finalize a sales contract with Ivorian parties, reported more than 120,258 MTD in operating income, a positive operating result of nearly 7 MTD, but a net deficit of 8.6 MTD, a deficit that decreased compared to 25.6 MTD for the same period in fiscal year 2015.

    This decision to disengage, which is understood to include only the shares of the State and not the other shareholder who is Lazhar Stat, confirms in any case that the State finally and after more than 6 years proved to be a bad manager of large-scale projects. So it was time it sells.

    Provided, however, that the investor must be well chosen, who will have to be called upon to develop and continue the projects initially contained in the plans of the founders of this cement plant.

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