Thursday, May 9, 2013

Tunisian Airline Syphax Launches IPO


Syphax, founded in 2011, operates planes, competing with state-owned flag carrier Tunisair. The IPO, which will run until May twenty, aims to raise TND25 million dinars (USD$15.5 million).
Tunisia'a rising inflation, large outside deficit & uncertain political outlook did not deter local businessman Mohamed Frikha from launching an preliminary public offer of shares in his fledgling carrier Syphax Airlines last week.
Frikha said they was encouraged to list the airline on the local stock market by his success in 2011 in listing Telnet, a application & expertise consulting firm.
"The Tunisian stock exchange has become a actual alternative for the mobilisation of financial resources," they said, adding that Syphax's listing would help the airline buy more planes & create routes to the United States & Asia.
Over years after Tunisia's revolution ushered in an period of political & economic instability, the Syphax IPO points to an encouraging trend for the economy: the gradual revival of the stock market as a place for companies to raise money.
 companies have conducted IPOs so far this year - a expertise consulting firm, a cheese maker as well as a garment producer - compared to in all of last year.

(Reuters)
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