Adel Grar looking for nearly $80m for Carthage Cement to improve prospects for its long-awaited sale
As reported earlier in Jeune Afrique Business+, Tunisia’s leading cement company, Carthage Cement, is increasing its capital by 223.8 million dinars ($79m), more than double its current level, through the issue of new shares at an initial price of 1.2 dinars each. These shares will be reserved, on a preferential basis, for former shareholders at the rate of 13 new shares for ten old shares.
27/01/2020 at 13h25, by Africa Business+
“The capital increase aims above all to reduce debt and allow the company to work with its own funds,” explained Adel Grar, the non-executive chairman of Carthage Cement explained at a financial communication event organised by the company in Tunis last Friday. Carthage Cement’s debt amounted to 537 million dinars ($190m) as at 30 September 2019 for negative equity of 38 million dinars ($13m).
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