The Tunisian Insurance and Reinsurance Company (Star Assurances) has announced two major decisions concerning its share capital which would be implemented soon.
The two decisions, approved at an extraordinary general meeting of the company on 22 April 2025, are set to be executed today.
The first operation consists of reducing the nominal value of each share from TND5 ($1.71) from TND10. This operation doubles the number of shares from 2.3m to 4.6m, without changing the amount of share capital, which remains at around TND23m.
The second operation involves a capital increase through the capitalisation of reserves amounting to TND27m, drawn from retained earnings. This increase raises the share capital from TND23m to TND50m, divided into 10m shares with a par value of TND5 each.
The operation results in the issuance of 5.4m new free shares allocated to existing shareholders and assignees of allocation rights in a proportion of seven new shares for six old shares. The new bonus shares will be entitled to dividends with effect from 1 January 2025.
The subscription rights will be detached and traded on the stock exchange starting today. The new shares will be traded on the same trading line as the existing shares from the date of issuance.