Industrial Company Siame Under Judicial Control
The Industrial Company for Electrical Equipment and Materials (Siame) has informed the market through a press release of a significant event in its governance. The investigating judge has ordered the placement of several companies, including Siame, under judicial control. By order of the Tunis Court of First Instance dated June 16, 2025, three judicial trustees have been appointed: Nour El Houda Abbassi, Mondher Hamdi, and Bilel Errahmouni.
The press release, published by the Financial Market Council, recalled the missions of these trustees, but what stands out is that they are now the only authorized persons, to the exclusion of anyone else, to convene, preside over, and supervise the meetings of the board of directors, ordinary general assemblies, and, if necessary, extraordinary general assemblies, in accordance with the applicable legislation. They are required to transmit the agenda to the court before the meetings, ensuring that it does not include any item titled "miscellaneous questions," and to attach all supporting documents related to the deliberation points.
Furthermore, the judicial trustees must verify the supporting documents related to financial operations prepared by the financial, accounting, or human resources services, such as transfer orders, payment vouchers, or any other settlement document, regardless of their nature or amount, including those requiring bank authorization. All these payments can only be made based on an order signed by the judicial trustees.
Following this appointment, Siame has been able to lift the freeze on its accounts, allowing it to normally pursue its activities and honor its commitments to its clients, suppliers, collaborators, and all its partners.
Shareholders can rest assured regarding the distribution of dividends, set by the Ordinary General Assembly on May 15, 2025, at 0.180 TND per share and scheduled for August 20, 2025. On the market, and since the outbreak of the TSI affair, the stock has lost 12.2%, which is a relatively good performance considering the magnitude of the event.
