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(Ecofin Agency) – A consortium of Burkinabe investors made an offer last June to buy Tunisia’s Carthage Cement. They wanted to acquire 58.2% of the company. However, according to information reported by Ilboursa, Tunisian authorities have rejected the offer, which they considered “insufficient”. No official source has yet confirmed this announcement.
As a reminder, media sources first reported that the offer of Boureima Ouédraogo and Société Internationale d’Investissement, a subsidiary of Burkinabe CIM Metal Group, was approved. But rating the value of this offer is quite difficult because, on the one hand, the currency in which it was made was not revealed. But also, between the time the bid was announced and now, the value of the Tunisian dinar has declined against the dollar. This should negatively impact the currency value of the offer if it was made in Tunisian currency.
The sale of Carthage Cement dates from late 2020 but the process has been postponed several times. While its stock market value has declined over the past 12 months, the company posted an increase of 60% in turnover at the end of H1 2021.
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