Prominent regional reinsurance company Tunis Re (www.tunisre.com.tn) is preparing an initial public offering of its shares in the first quarter of 2010.
In order to prepare, Tunis Re held a first extraordinary general meeting of shareholders (EGM) to convert part of its capital, which consists of investment certificates, into ordinary shares. A second EGM would then increase the share capital through the IPO. The website says the share has been valued at 14 dinars (US$10.63).
Tunis Re was created in 1981 and has been profitable without interruption over 27 years, according to the website. It manages insurance pools including marine, aviation and decennial liability. Shareholders’ equity is said to amount to 50 million dinars ($38 mln).
CTN Tunisia Ferries (Compagnie Tunisienne de Navigation – www.ctn.com.tn) has also just increased its capital from 42.5 mln dinars to 119 mln dinars ($90 mln) and is also preparing an IPO. It has reportedly launched two tenders: i) to assess the impact of listing and ii) to see it through the IPO and listing.
CTN offers regular ferries between the ports of Tunis, Marseille (France) and Genoa (Italy) with passenger and freight ferries. It recently acquired 2 freight vessels (Tunis-Marseille and Tunis-Genoa) which are to be operational in the first quarter of 2010. A car-ferry is being built, to be operational by 2012. It operates 2 large passenger vessels “Ulysse” and “Salambo” and the car-ferry “Carthage”.
It plans to improve competitiveness and consolidate its market share by increasing its participation in international freight transport.