(Ecofin Agency) - The Financial Market Council (CMF), authority of the Tunis Stock Market, announced in a note published on 20 August having started a squeeze-out procedure on the Syphax Airlines stock, due to the failure by the company to comply with its obligations in terms of publication of its yearly and quarterly indicators.

According to CMF, the company, which flights have been suspended since 30 July following its removal from the register of the International Air Transport Association (IATA), “has published 2013 financial reports which do not reflect the true situation of the company (revenue, expenditure and indebtedness)”.

CMF also mentions, a letter in which the auditors inform on the deterioration of Syphax Airlines’ situation, compromising its capacity to continue its activities.

The company has still neither published its 2014 financial reports, nor the indicators for the 4^th quarter 2014, 1^st quarter 2015 and 2^nd quarter 2015, and has not held an ordinary general meeting within the set timelines, which also constitutes a failure to its commitments.

The squeeze-out will be for the 2,402,671 shares making up the public float of Syphax Airlines, at a unit price of 3.900 dinars. The offer will be made from 21 September to 30 October 2015.

In April 2013, the company founded in 2011 went through a public offering at the Tunis Stock Market at the price of 10 dinars per share.