The transaction follows a disagreement with Al Karama Holding relating to the conditions of transfer of the State’s stake in the Zitouna Bank.
The Islamic Development Bank (IsDB) has sold its entire stake in Tunisia’s Zitouna Bank to the Triki Group for TND 102.8 million, according to iLBoursa.
The transaction which was led by Tunisie Valeurs, involved 25 million shares representing 20.9 per cent of the capital of Zitouna Bank at a price of TND 4.10 per share.
The deal was reached a few days after the announcement by Alkarama Holding of the list of candidates who submitted offers of expressions of interest for the acquisition of 69.15 per cent stake in Zitouna Bank.
In addition to the Triki consortium, the other six candidates interested in buying back the State's stake in the bank as well as its subsidiary Zitouna Takaful are Arab Tunisian Bank, Majda Company as well as the consortium Super Mousse and Fethi Neifar all from Tunisia—from Morocco the interested companies are the Central People's Bank, CIH Bank as well as Caisse de Dépôt et Gestion.
Also, Qatar International Islamic Bank and CORIS Holding from Burkina Faso are interested.