New Carthage Cement tender to launch in June

Three months following the announced lack of tender success for the sale of the shares held by the Tunisian state in the capital of Carthage Cement, a financial restructuring, including the transfer of a block of shares representing 50.52 per cent of the capital, is being implemented at the cement plant to launch a second call for tenders by June 2019, according to ilBoursa.

To restore financial stability and encourage compliance with future banking commitments of the cement producer, Al Karama Holding and the banks have started talks with the Central Bank of Tunisia after it recommended banks to record provisions for their claims on the cement producer. Debts of Carthage reached more than TND428m (US$140.5m) on 30 June 2018. Earlier this week, Al Karama and the banks were able to convince the central bank to suspend its recommendation as the company is implementing a financial restructuring plant with the banks as stakeholder.

The five investors who are pre-qualified for the financial offers phase of the first call for tenders launched by Al Karama Holding in December 2017 are still showing interest in the cement business, according to ilBoursa.