National holding company to manage seized assets

15 Nov 2011

Tunisiana and Orange Tunisia are to be partly controlled by a national holding company set up by the Tunisian government to manage the state’s assets and combat corruption, reports local news site Tunisia Live. The company has been dubbed ‘Caisse des Depots et Consignation’ (CDC) and its resources are estimated at approximately TND3.4 billion (USD2.36 billion). The CDC will be run by a committee headed by Finance Minister Jalloul Ayed, and is tasked with using the funds generated by various confiscated assets to improve infrastructure, encourage the growth of SMEs, and create jobs.

Amongst the assets now managed by the CDC are a 25% share of Tunisiana, and a 51% share of Orange Tunisia, taken from members of ousted president Ben Ali’s family and previously held via Princesse El-Materi Holdings and Investec respectively.

Tunisia, Ooredoo Tunisia (incl. Tunet), Orange Tunisia