Tunisia’s housing bank, Banque de l’Habitat, has obtained the approval of the Financial Markets Council to increase its capital by 68 million Tunisian dinars (TD), thus bringing it to 238 million TD ($95.5 million).  

The capital increase will take place partly through the issuance of 6.8 million new shares, at a unit price of 15TD. This operation which should help raise 102 million TD ($40.2 million) will mainly be reserved to the lenders’ shareholders. However, the latter have until December 15, 2017, to manifest themselves. 

Additionally, Banque de l’Habitat will withdraw 34 million TD from its reserves, supporting the creation and issuance to shareholders, of 6.8 million new shares valued at 5TD each. 

The bank, held at 33.2% by the Tunisian State, will thus be able to boost its own capital, in line with its business plan for 2014-2018. 

Previously, an independent audit had shown that its own capital no more provided the lender appropriate financial solidity, in regards to the coming implementation, next January, of the IFRS 9 accounting standard, which sets a new method to address market risks and also those related to bank activities.  

Chamberline Moko