Tunisian state releases its 35.53% stake in pharmaceutical company Adwya

July 27, 2016

The Tunisian government announced the sale of stakes it holds in the capital of the company Adwya up 35.529%. These investments are a block of shares that had been taken over by the new government in Princess El Materi Holding, later renamed El Kerema Holding, which acts as a transferor as part of this operation.

The operation is open to natural and legal persons of Tunisian or foreign nationality. Interested investors can act alone or forming a consortium led by a leader. Are naturally excluded the legal entities that are in a state of insolvency, bankruptcy, receivership, liquidation, or subject to insolvency or over-indebtedness.

Adwya is presented as a major player in the pharmaceutical industry in Tunisia with a market share estimated at 7.7%. This is the first local manufacturer to the pharmacy market and the second local manufacturer on the overall market (pharmacies and hospitals).

The company was listed on the Stock Exchange of Securities values of Tunis in 2007. Since the announcement of the tender, the share price started falling and now stacks a loss of 7% over the last 7 days. Market appreciation from the beginning of the year, however, remains positive at 14.42%. Source: Ecofin