Tunisie Telecom IPO suspended

4 Feb 2011

Reuters reports that Tunisia has suspended plans to launch an initial public offering (IPO) for state-owned telecoms company Tunisie Telecom, citing the communications minister. Secretary of State for Communication Technologies Sami Zaoui said a final decision would be taken in consultation with Tunisia’s strategic partners within days over whether to go ahead with the IPO.

Tunisia’s government holds a 65% stake in Tunisie Telecom, with the rest held jointly by Dubai’s TECOM Investments and Dubai Investment Group. It had planned to list the company on both Tunis and Paris stock exchanges in what would have been the first offering by a Tunisian company on a European bourse. Tunisia has had two changes of government since former president Zine Al Abdine Ben Ali was driven out by popular revolt on 14 January this year. Many officials have been replaced, leaving plans for the IPO in limbo.

Tunisia, Tunisie Telecom (TT)