Fin24

Tunisia sells stock in confiscated firms

2012-07-27 10:13

Tunis - Tunisia says it is selling its shares in two major companies that belonged to a member of toppled president Zine El Abidine Ben Ali's family.

The government confiscated 300 companies held by the former autocratic leader, his wife Leila Trabelsi and their relatives.

It plans to sell shares in six of them this year, starting with two owned by Ben Ali's brother-in-law Sakher Materi.

Finance Minister Slim Besbes said on Thursday that bidding will open on Friday for 25% of the capital of the mobile phone company Tunisiana, of which Qatar Telephone is the majority shareholder.

The government is also selling its 60% stake in automobile distributor Ennakle.

Tunisia is trying to bolster its economy, which was jolted by the January 2011 revolution that triggered the Arab Spring.

Comments
  • nananatakemehome - 2012-07-27 17:48

    This is the most stupid move, I have heard of in a long time. Why are they selling the stock? Instead of, in the case of the 25% stake retain it, in the second, cede majority control and let the other guys run it and in both cases use proceed for the benefit of Tunisians, no, they have to 'sell everything, and then a few months from now, all the money they gained from this will be gone and they would have to find other sources of income!!! Dah! Why kill the cash cow? Revolutionary stupidity. I guess.

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