Extraordinary General Meeting of the Economic Development Company of Kasserine (SODEK‑SICAR) – January 30 2026
The Extraordinary General Meeting held on 30 January 2026 approved a financial rescue plan built around a capital reduction followed by a capital increase. The emergency strategy aims to ensure the continuity of operations and to meet the institution’s current expenses.
1. Final Share Capital
| Situation | Share Capital (TND) |
|---|---|
| Before the operation | 6 236 055 |
| After the operation | 6 686 590 |
2. Capital Reduction
- Objective: Bring the capital down from 6 236 055 TND to 5 687 255 TND.
- Amount reduced: 548 800 TND.
- Method: Cancellation of 109 760 shares held by BFPME (each share has a nominal value of 5 TND).
- Effect on BFPME: Its stake is halved, dropping from 219 519 shares to 109 759 shares.
3. Capital Increase – 1 million TND Injection by Three Public Banks
- Amount raised: 999 335 TND, bringing the total share capital to 6 686 590 TND.
- Mechanism: Issuance of 199 867 new ordinary shares at par value of 5 TND each.
- Preferential subscription rights: Removed in favor of three partner banks.
| Bank | Amount Injected (TND) | New Shares Subscribed |
|---|---|---|
| BH Bank | 333 000 | 66 600 |
| STB Bank | 333 000 | 66 600 |
| BNA Bank | 333 335 | 66 667 |
4. Evolution of the Reference Shareholding
The double‑step operation dramatically reshapes the ownership structure:
| Shareholder | Post‑operation Holding (%) |
|---|---|
| BH Bank | 32.50 % |
| STB Bank | 26.95 % |
| BNA Bank | 21.40 % |
| BFPME | 8.21 % (down from 17.60 %) |
| Other shareholders (including the Regional Council of Kasserine – 2.43 %) | Remainder of 1 337 318 shares |
5. Subscription Details
- Funds placement: All subscription proceeds are deposited in a blocked account at the BH Bank agency in Kasserine.
- Subscription window: 15 days from the official publication of the resolution.
- Effective date of the new shares: Retroactively set to 1 January 2026.
Bottom Line
The emergency rescue plan—capital reduction followed by a targeted capital increase funded by three state‑owned banks—strengthens SODEK‑SICAR’s financial base, secures its operational continuity, and rebalances the shareholder landscape, positioning BH Bank as the leading stakeholder. The swift 15‑day subscription period and the retroactive effective date ensure immediate liquidity while preserving the company’s strategic objectives for 2026 and beyond.
