On the opportunity of selling Carthage Cement for the second time
After the failure in 2018 of the first call for expressions of interest for the sale of Carthage Cement, Adel Grar, Chairman of Al-Karama Holding, which manages the sale of companies seized after the country’s revolution, has launched a second call for expressions of interest, running from 2 June through 25 September, for the sale of a 58.2% – potentially going up to 78% – interest in Tunisia’s leading cement sector player.
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▪ On the opportunity of selling Carthage Cement for the second time
▪ After the failure in 2018 of the first call for expressions of interest for the sale of Carthage Cement, Adel Grar, Chairman of Al-Karama Holding, which manages the sale of companies seized after the country’s revolution, has launched a second call for expressions of interest, running from 2 June through 25 September, for the sale of a 58.2% – potentially going up to 78% – interest in Tunisia’s leading cement sector player.
▪ https://www.africabusinessplus.com/en/804589/de-lopportunite-de-vendre-carthage-cement-pour-la-seconde-fois/
The timing comes as a surprise to analysts, as the Covid-19 pandemic has made investors very skittish and forced Carthage Cement to halt production and sales from 20 March until 19 April. Before the crisis, Al-Karama had done everything in its power to enhance the attractiveness of Carthage Cement, a company crippled with €133m in debt as at 31 March, including increasing its capital by 150% and convincing Tunisian creditor banks to invest €26m in the cement player.
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