The Tunisian state has just launched a call for tenders for the transfer of direct and indirect participations in the Zitouna and Zitouna Takaful banks.
According to the wording of the call for tenders, the State, Al Karama Invest and the company Portfolio Invest will sell their cumulative shares of 69% in the Zitouna bank and 70% in Zitouna Takaful to a “strategic investor” who has the ability to manage.
The Consortium led by Finactu International and including BDO Tunisia, Auxilium Consulting and the law firm Adly Bellagha & Associés, has been retained by Al Karama Holding as exclusive advisor to assist in the realization of the sale transaction.
Zitouna Bank is a bank established in October 2009 and licensed to carry out Islamic banking in accordance with the regulations in force. The bank has a network of 114 branches spread throughout the Tunisian territory.
Zitouna Takaful is the first insurance company in Tunisia operating according to the Takaful model. It has a network of 48 branches and branches spread throughout the country.
Transfer process
The divestment process includes a pre-qualification phase of the candidates followed by a phase of financial offers open to all pre-qualified candidates.
Pre-qualification phase
The investor – of Tunisian or foreign nationality – wishing to participate in this process must be (i) a legal person or (ii) a consortium, headed by a leader who must be a legal person, and be composed of legal entities either of legal persons and of natural persons.
Interested investors are invited to withdraw, from Wednesday 04 April 2018 at 10:00 AM at the headquarters of AL KARAMA HOLDING, located at the Rue du Lac Annecy – Les Berges du Lac, Tunis, a pre-qualification file relating to Companies , defining the process and prequalification criteria.
The withdrawal is conditioned by the signature, by a legal representative of the candidate, of a confidentiality agreement downloadable on the website of AL KARAMA HOLDING (www.alkaramaholding.com) and by the payment of a non-returnable amount of ten thousand Tunisian Dinars (TD 10,000) payable by bank transfer or certified check payable to AL KARAMA HOLDING.
Interested investors must send their Demonstration of Interest documents directly by courier against discharge or by Rapid Poste (express mail), the stamp of the office of the order and that of the Post office being authentic, and this at the latest
Tuesday, May 15, 2018 at 5 pm
to the following address :
AL KARAMA HOLDING,
Lake Annecy Street, Les Berges du Lac, 1053 Tunis.
Phase of financial offers
Pre-qualified candidates will be notified no later than Monday, June 11, 2018 and may then withdraw a tender dossier composed of (i) the tender rules, (ii) information memoranda and (iii) the draft deed of assignment.
Pre-qualified applicants will have access to a Data Room to perform Due Diligence work. They will be able to visit the premises of the Companies, meet with their management, ask their questions in writing and propose amendments to the draft deeds of assignment according to a schedule and the modalities defined in the tender documents.
