Extraordinary General Assembly of the Small and Medium-Sized Enterprises Financing Bank (BFPME)
The Small and Medium-Sized Enterprises Financing Bank (BFPME) held an Extraordinary General Assembly on September 10, 2025. In addition to approving the continuation of operations, the shareholders' meeting voted to postpone the capital reduction and increase operations, as planned by the decisions of the previous Extraordinary General Assemblies held on March 28 and July 31, 2024, to the 2025 financial year. The related legal formalities must be completed within the deadline set by the principle agreement regarding the capital reduction issued by the Approval Commission to the Central Bank of Tunisia.
Recap of the Plan
The plan involves two main steps:
- Capital Reduction: The social capital will be reduced from 100 million Tunisian dinars (Mtnd) to 10 Mtnd to absorb the old losses.
- Recapitalization: A recapitalization of 59.060 Mtnd will take place, with the suppression of the preferential subscription right. This will be achieved by converting the amount owed to the Tunisian state, resulting from the bank's debts under the Japanese credit line granted to the bank on March 15, 2008, into a capital participation. The BFPME's social capital will thus be 69.060 Mtnd.
Objective of the Plan
This plan aims to save the bank, which reported a net loss of 13.089 Mtnd for 2024, with carried-over results reaching -155.970 Mtnd. The bank's equity stands at -53.040 Mtnd.
Additional Decisions
The Ordinary General Assembly, held on the same day, authorized the bank to contract external loans of up to 150 Mtnd over a period of one year. The Board of Directors was given a mandate to set the conditions and terms of these financings according to available offers.
