Tunisair Convenes Shareholders to Ordinary and Extraordinary General Meetings
Tunisair has summoned its shareholders to a double General Meeting, comprising an Ordinary General Meeting (OGM) and an Extraordinary General Meeting (EGM), to be held on Wednesday, September 10, 2025, at the company's headquarters. These meetings will focus on the financial statements for the 2021 fiscal year.
Key Agenda Items
The OGM will address the allocation of the 2021 fiscal year's results, marked by a loss of 265,998 Mtnd, following accounting adjustments. Consequently, the cumulative losses will amount to 1,813,389 Mtnd as of December 31, 2021. Notably, this result, although deficit-ridden, is better than the forecasts in the latest report on public enterprises, which anticipated a loss of 413,500 Mtnd for 2021.
The OGM will also be called upon to approve the co-option of three new administrators:
- Habib Toumi, representing the Office of Civil Aviation and Airports
- Tarek Bouazizi, representing the Ministry of Transport
- Mohamed Mahdi Haloui, representing the Tunisian National Tourism Office
Bond Issue Proposal
Another key item on the agenda is the proposal to issue a bond without public appeal to savings, for an amount of 150 Mtnd. The Board of Directors will receive the necessary powers to proceed with this issue, in one or several tranches, within a maximum period of 12 months following the OGM. It will also set the conditions and modalities of the operation.
Continuation of Operations
The EGM will focus on voting on the continuation of the company's operations, in accordance with the provisions of Article 388 of the Commercial Companies Code.
Positive Signal
The bond issue will provide Tunisair with a significant liquidity envelope, facilitating the continuation of its activities and reducing its dependence on bank financing. This is a positive signal, as the company's leaders seem to be finally considering concrete solutions to exit a crisis that has persisted for over ten years.
Injection of Equity Capital Needed
However, this measure alone will not be sufficient. An injection of equity capital remains essential, as the company cannot continue to operate sustainably with such a significant deficit in its equity capital.
