(Agence Ecofin) – The shareholders of the tunisian company property and Casualty Insurance Ittihad (AMI Insurance) have approved, on the 27th of December, the issuance of equity securities for an aggregate amount of $ 35 million tunisian dinars (about 12 million dollar).
According to a press release issued by the company intermediation market MENA Capital Partners, these redeemable shares with a par value of one tunisian dinar will be released in cash in full upon subscription.
The issue, without a public offering of 35 million equity shares will be reserved for the main shareholder of the insurance company, namely, the Banque nationale agricole (BNA).
FRIEND Insurance had decided last march to increase the own funds of 70 million tunisian dinars ($24 million), in response to the reservations formulated by the regulatory authority of the insurance sector in Tunisia.
This increase in equity will be brought by the shareholders of the company that are the BNA (23,35 % of its share capital, HBG Holding (20,04 %) and the Tunisian General Labour Union (UGTT), the trade union centre of tunisia that holds 9,50 % in the capital stock of AMI Insurance.