The Commission d’Organisation et de Surveillance des Opérations de Bourse (Cosob) has approved a bond issue by Tosyali Algérie, valued at an initial amount of 15 billion Algerian dinars (approximately $109 million USD), with a potential increase to 20 billion dinars ($145 million USD). The bond, with a maturity period of five years, is aimed at professional investors and is part of the company’s efforts to finance its new integrated flat steel production complex.
In its press release on Thursday, Cosob announced its decision to grant a visa to Tosyali Iron Steel Industry Algérie SPA for the issuance. The operation involves the issuance of 1.5 to 2 million ordinary bonds, each with a nominal value of 10,000 dinars ($73 USD). These bonds will be traded on the Premium compartment of the Bourse des valeurs mobilières (Algerian Stock Exchange), according to the statement released by the APS agency.
The bonds offer a fixed annual coupon rate of 5.65% and will mature in five years. Proceeds from the bond issue will partly fund the development of the flat steel production facility, which is expected to boost the company’s capabilities in the steel industry.
Tosyali Algérie: A Key Player in Algeria’s Steel Sector
Established in 2007 and headquartered in Oran, Tosyali Algérie is a leading steel manufacturer specializing in long steel bars, wire rod, billets, and spiral tubes. As of December 31, 2023, the company boasts a share capital of 50 billion dinars ($363 million USD). The primary shareholders are Fuat Tosyali, holding 53.8%, and Mehemet Fatih Tosyali, with 26% of the shares.
The company plays a significant role in Algeria’s steel industry, with a total production capacity of 4 million tonnes per year, accounting for 57% of the nation’s production.
In 2023, Tosyali Algérie reported total sales of 260.7 billion dinars ($1.89 billion USD), including export revenues of 84.9 billion dinars ($616 million USD).
This bond issuance is expected to not only finance the company’s expansion but also strengthen its position as a regional leader in the steel manufacturing industry.
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