Assurances Maghrebia Vie raises 14.3 million USD on the stock market

Assurances MaghrebiaOn 8 December 2022, Assurances Maghrebia Vie was granted the approval of the Financial Market Council (CMF) to get listed on the Tunis Stock Exchange (BVMT).

On this occasion, the company released, on 14 December, 2022, a financial communication to take stock of its initial public offering.

The transaction involves 7 500 000 shares with a nominal value of 1 TND (0.3 USD) each, plus an issue premium of 5.080 TND (1.6 USD) per share. The company raised a total amount of 45.6 million TND (14.3 million USD) on the stock market, broken down as follows:

  • 30.4 million TND (9.5 million USD) as a capital increase in cash raising the share capital from 20 million TND (6.3 million USD) to 25 million TND (7.9 million USD),
  • 15.2 million TND (4.8 million USD) by selling old shares.

The securities' subscription period runs from 15 to 23 December 2022.

Through this initiative, the Tunisian insurer aims to achieve several objectives namley:

  • Increasing its profitability,
  • strengthening its own funds,
  • anticipating market trends in terms of products, innovation and new technologies,
  • Developing new distribution networks: bancassurance, microinsurance and online sales,
  • consolidating the quality of its services as well as customers satisfaction,
  • strengthening its Corporate Social Responsibility (CSR) approach.

Founded in 1973, Assurances Maghrebia Vie ranked, in 2021, as the leading life insurer in terms of net result and shareholder's equity in 2021 and second in terms of assets under management.

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