“Alliance Assurancesâ€: First Algerian private company to be listed on Algiers stock Exchange.
The General Manager of the insurance company “ Alliance Assuranes†has yesterday revealed that the listing of his company on Algiers Stock Exchange was made through the acquisition of its assets by the general public.
- M Hassen Khlifati has indicated that the transaction aims at increasing the company’s capital by 175% moving from 800 million Algerian Dinars to 2.2 billions over a month period. The first step will consist in putting on the market 1.8 million shares for sale with a value of 830 Algerian Dinars each.
- He has further added that he was on tour for 3 weeks as from October 6 through 28 in the different corners of the country with the aim to explaining the process for the local operators and companies’ managers.
- The operation, he added, was part of the company’s strategy to spread its activities over the Algeria insurance sector which is due to increase by 10 % over the upcoming five years notably in the field of individual insurances and small and medium sized companies.
- The manager went on saying that the listing of the first private company on Algiers Stock Exchange translates confidence put on the Algerian financial market and the stock exchange that turned to the private sector and the small and medium sized companies.
- The listing of “Alliance Assurances “ on Algiers Stock Exchange translates the soundness of the Algerian financial sector; noting that the demand on bank and insurance services is very high in the international market and are considered as the basis of the World Stock Exchanges.