Significant Step Forward in Investor Protection
In 2025, the Financial Market Council (CMF) has reached a decisive milestone in protecting minority investors. The era of awareness about best practices is over, and it's now time for their strict application. Following the publication of Tawasol Group Holding's (TGH) financial statements, both individual and social, for the 2024 fiscal year, which revealed recurring and unregularized reserves persisting over two consecutive years or more, the regulator held a meeting on December 16, 2025, at the CMF headquarters with the company's CEO and auditors. As a result, it was decided to suspend the listing of TGH's shares starting from today, December 18, 2025. The listing will resume once the company publishes a statement containing, among other things, the preparation of pro forma financial statements. This means that the result will change radically, as all the shortcomings revealed by the auditors would be covered by provisions, which will lower the company's prospects and valuation. The yield, which has risen to 37.5% since the beginning of the year, is likely to be significantly reduced, which explains the suspension of the share. This decision should be interpreted as a direct message to all listed companies that their accounts must now take into account all potential liabilities that can actually impact the results. This can only lead to a more transparent and correctly valued market, a factor in favor of promoting the Tunis financial market.
Key Takeaways
- The CMF has taken a significant step forward in protecting minority investors
- TGH's shares have been suspended due to recurring and unregularized reserves
- The company must publish pro forma financial statements to resume listing
- The decision aims to promote a more transparent and correctly valued market
- This move is expected to have a positive impact on the Tunis financial market
