Tunisia sells stake in cement co Sotacib to Spanish group

Tunisia sells stake in cement co Sotacib to Spanish group
Published: 13 September 2005

Tunisia has sold its entire, 50 per cent stake in the Tunisian-Algerian cement company Sotacib to an unnamed Spanish sector group.

The sale comes after the second round of bidding for the company after a tender in April 2004 when only one company presented its offer, but it was considered unfavourable by the Tunisian government.

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. Sotacib has been running since 1987 a white cement production plant, in Feriana, in Tunisia, with a nominal capacity of 200,000t.

Spanish and Portuguese groups have already been present for several years in the Tunisian cement sector.