 TUNIS ((Reuters, 26 March 2005) — The Tunisian government will kick off the sale of more than a third of state-owned former monopoly Tunisie Telecom (TT), the country’s biggest revenue earner, later this year in a privatisation that could raise up to $1.7 billion. Tunisie Telecom Chairman and Chief Executive Officer Ahmed Mahjoub said the government had chosen private bank Banque d’Affaires de Tunisie (BAT) to advise on the sale of a 35 per cent stake in the telecoms provider. “The authorities have picked BAT as the adviser for the 35 per cent share sell-off ... and that bank will start work in the next few days,” Mahjoub said in an interview late on Thursday. Citing preliminary results, Mahjoub also said TT posted a record profit of more than 1 billion dinars ($823 million) in 2004, up 23 per cent on 2003. He said 2005 net profit would be even higher.
TT will release its final 2004 results later this month. “The initial results for 2004 show Tunisie Telecom has a net profit of more than 1 billion dinars. That is a record since the country’s independence 49 years ago,” he said. The government will issue a tender for the sale of the TT stake, for what would be the North African country’s biggest privatisation, in September, Mahjoub said. “The agreement with BAT stipulates that it finishes its advisory work in six months from now and immediately after the end of that work we will launch the tender for the TT stake sale,” he said. Industry sources have said the government had considered selling up to 45 per cent of TT, but Mahjoub said it opted to offer a 35 per cent share to a “strategic partner”. He declined to say who might buy the stake, but industry sources have said the government wants a major foreign telecoms company or a consortium of financiers plus a major foreign telecoms operator. “When we say strategic partner we mean Tunisia seeks a partner with expertise, a sharp edge on technology and a strong ally that will back us in growing and developing further Tunisie Telecom,” Mahjoub said.
|
