Somocer and Sotemail Appoint New Judicial Representatives Amidst Ongoing Legal Issues
The Tunis Court of First Instance has appointed two new judicial representatives for Somocer and Sotemail, as announced by the two companies in separate press releases. The companies emphasized that this appointment will not affect their normal operations or relationships with stakeholders, and is primarily aimed at preserving their activities.
Both Somocer and Sotemail are part of the Somocer group, owned by Lotfi Abdennadher, who is currently facing legal issues. The shares of both companies have taken a hit since the businessman's indictment, despite being technological jewels of the Tunisian industry. Since the beginning of the year, Somocer has been struggling to stay afloat, while Sotemail has lost 27.67% of its value. The decline in sales figures for 2024, exceeding 30% for both companies, has weighed heavily on investor morale, who are now stuck due to modest trading volumes.
This situation once again raises the issue of corporate governance. Investors often put their trust in a company's leader, whereas being listed on the stock exchange implies the presence of a Board of Directors, comprising minority and independent members, which oversees the smooth operation of the business. This is not always the case in family-owned or degraded companies listed on the S segment of the stock exchange. The upcoming general assemblies of Somocer and Sotemail will be crucial in determining their future prospects.
