Al Karama Holding: proposed sale of 66% stake in UPCAR Assurances

Al Karama Holding has launched a call for expression of interest for the sale of 66% of the capital of Union de Placement et de Conseil en Assurances et Réassurance (UPCAR).

The transaction involves 50% direct public shareholdings and 16% private equity (natural persons).

This call is intended for any Tunisian or foreign investor, be it a natural or legal person acting alone, or a consortium headed by a lead manager and including other investors. Insurance companies and natural or legal entities with capital links or direct interests with an insurance company are not eligible for the offer.

Capital African Partners Bank (CAP Bank) has been retained by the holding company as exclusive advisor for the transaction.

Interested investors are invited to submit their expression of interest by June 24, 2024 at the latest.

Founded in 1994, UPCAR is a limited liability company specializing in insurance and reinsurance consulting and brokerage. The company has a share capital of 250 000 TND (80 000 USD) divided into 25 000 shares with a par value of 10 TND (3.2 USD) each.