Tunisian advertiser MIP to raise $4.5 mln in share listing

Tunis Mon May 5, 2014 8:31am EDT

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Tunis May 5 (Reuters) - Tunisia's top outdoor advertiser, Maghreb International Publicite (MIP), plans to raise 7.2 million dinars ($4.49 million) in a stock market listing as a more stable political climate allows companies to resume share offers.

MIP would become the first media company to list its shares in Tunisia, and the initial public offering may help revive and diversify the North African country's stock market, which has lacked foreign investment since the 2011 popular uprising that unseated its autocratic leader.

The Tunisian Stock exchange has seen a handful of initial public offers during the last year, including paper towel maker Societe d'Articles Hygieniques, as the political situation improves.

The company plans to sell around 1.53 million shares including 1.15 million new shares in a capital increase at 4.7 dinars per share, with the sale running from May 20 to June 5.

The advertiser will have a free float of 34.8 percent after the listing, according to the prospectus from investment bank Mena Capital Partners.

The company is recovering from the Tunisian crisis after the revolution that toppled the country's former ruler Zine al-Abidine Ben Ali. It posted a 2013 first-half profit of 283,062 dinars, up from 159,422 in the same period in 2012.

($1 = 1.6040 Tunisian Dinars) (Reporting By Tarek Amara; Editing by Louise Heavens)

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