The call for tenders for the sale of 50.52 per cent of Tunisia-based Carthage Cement attracted several investors, of which five prequalified and were asked to submit their financial offers by 7 December 2018. However, despite their clear interest, they were unable to submit a financial offer for acquisition, according to African Manager.

While these investors have reiterated in writing their continued interest in reaching a deal, they have asked for an improvement in the conditions of the transaction. Al Karama Holding, which is mandated to manage the sale with the assistance of its investment bank, is currently exploring the possibilities of improving certain conditions so the sale can go ahead.