Tunisia’s Salim Insurance firm plans to raise its capital from four to ten million Tunisian dinars ($7.47 million) before March-end 2003. The move aims to bring the company in line with a new law that set a TD10-million minimum capital for local insurance firms.
The capital increase will be carried out through the incorporation of reserves, a distribution of 400,000 free shares to shareholders and the issuance of 800,000 new shares next year, company officials told Reuters.
Set up in 1995, Salim is a multi-branch insurance company, whose market share is estimated at five percent. The firm is an affiliate of Banque de l'Habitat (BH), a state-majority owned financial institution. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
