Spanish property group Prasa has fully acquired Tunisian-Algerian white cement company Societe Tuniso-Algerienne de Ciment Blanc (Sotacib) for 97 mln Tunisian dinars ($72.4m), it was reported on September 29, 2005. The transaction has been reported to the Tunis Stock Exchange. Sotacib has a share capital of 24 mln dinars ($17.9m). The company generated a turnover of 33.8 mln dinars ($25.2m) for 2004.
In early 2004, the Tunisian and Algerian governments chose French bank BNP Paribas to assist them in the privatisation of 100 per cent of the jointly owned Algerian-Tunisian cement manufacturer Sotacib. Sotacib was set up in 1983, with its capital equally owned by Algeria and Tunisia.