General Mediterranean Insurance GAM plans to enter stock market

General Mediterranean Insurance Spa GAM is planning to enter the stock market in 2011’s first semester. It is motivated by record results made by Alliance Assurances in late 2010, Echorouk has learnt.

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  The company’s decision came after it had settled its situation towards the general department of assurances at the finance ministry. Defects and wrongdoings were noted when it was sold in 2007 to a US investment fund based in Tunisia. Necessary guarantees stipulated by Decree 34-80 were not presented.

  The opening of the company’s capital through stock market enables to the US investment fund to withdraw from Algeria after five years, according to the law. That would allow eliminating the problems relating to legal guarantees required by the Treasury’s General Department and the department of assurances.