Arab Banking Corporation Tunisie Convenes Extraordinary General Meeting to Approve Capital Increase
Arab Banking Corporation Tunisie (Bank ABC Tunisie) has convened an extraordinary general meeting to ratify a capital increase of 32 million Tunisian dinars (Mtnd). This recapitalization will bring the bank's social capital from 68 Mtnd to 100 Mtnd, resulting in the issuance of 3,200,000 new shares with a nominal value of 10 Tunisian dinars (Tnd) each.
The capital increase will be carried out in two tranches:
Tranche 1: 10,880 Mtnd
This tranche will be realized through the incorporation of reported results, leading to the issuance of 1,088,000 new shares. These shares will be allocated free of charge to shareholders in proportion to their participation in the social capital. The subscription will be based on a parity of 4 new shares for 25 old shares. The new shares will bear interest from the date of the capital increase.
Tranche 2: 21,120 Mtnd
This tranche corresponds to 2,112,000 new shares and will be exclusively reserved for ABC BSC, the bank's majority shareholder. The subscription period for this tranche will be 30 days from the date of the capital increase, and the dates of opening and closing of the subscription, as well as the value of the issued shares, will be announced to shareholders through a notice published in the Official Journal of the Tunisian Republic. The subscription period may be closed earlier if the second tranche of the capital increase is fully subscribed.
The general meeting will therefore vote on the waiver of preferential subscription rights for the second tranche of the capital increase. As a result, shareholders will be diluted in favor of ABC BSC, which will see its stake in the capital and voting rights increase by 2 percentage points to 99.99%.
It is worth noting that Bank ABC Tunisie is a performing bank with solid development prospects, particularly if it expands its geographic footprint. In Tunisia, commercial development relies heavily on a large network of branches.
