Tunisair Convenes Ordinary General Assembly to Address 2020 Financials
Tunisair has summoned its shareholders to an Ordinary General Assembly on Tuesday, February 4, 2025, to deliberate on the 2020 financial statements. The draft resolutions indicate a loss of 231,916 million Tunisian dinars (Mtnd), bringing the reported results to -1,547,390 Mtnd.
According to the latest report on public enterprises, the airline's result was estimated to be -234 Mtnd. Therefore, the published figures do not come as a surprise. The same report indicates that the net results for 2021 and 2023 would be -413,500 and -218,500 Mtnd, respectively. In other words, Tunisair requires a recapitalization of 2,179 Mtnd, a seemingly impossible task for its reference shareholder.
Another important resolution concerns the composition of the board of directors for the remaining term of the mandate, which ends with the holding of the Ordinary General Assembly related to the 2022 financial statements:
- Sihem Ben Dali, administrator representing the government presidency, replacing Habib Dridi
- Mourad Abdessalem, administrator representing the Central Bank of Tunisia, replacing Sonia Sehli
- Majid Elouni, administrator representing the National Retirement and Social Security Fund, replacing Tawfik Katrou
- Habib Mekki, administrator representing the Ministry of Transport, replacing Sonia Jlassi
- Helmi Hassine, administrator representing the Tunisian National Tourist Office, replacing Nizar Slimene
- Mohamed Mellassi, administrator representing small shareholders, replacing Mansour Nasri
As required by regulations, shareholders must vote on the continuation of operations, which will be the subject of an Extraordinary General Assembly on the same day. A sustainable solution is needed for the company to regain its profitability levels. Efforts are being made to preserve it and enable it to play its role. But for how long will the state support it? It's time to stop the bleeding.
