Tunisair may sell stake

Tunis: Tunisair, the national airline of Tunisia, may sell a 15 percent stake as the North African country disposes of state assets amid an equities boom.

"We might sell more shares to a strategic investor, but the government will always want to hold a controlling stake,'' Adel Gaida, chief financial officer of Tunisair, or Societe Tunisienne de l'Air, said in an interview in London. `

"We have been thinking of doing this for some time, though we don't have a timetable.''

Tunisia is selling assets to attract investment as buyers, particularly from the oil-rich Persian Gulf region, pour money into a country that isn't on emerging-market equity indexes and is commonly classed as a "frontier market.''

Tunisia's main stock index, the Tunindex, has advanced 13 percent this year, making it the best-performing index in North Africa.

Tunisair rose 0.8 percent to 4.05 dinars in Tunis trading as of 11:50 a.m. The stock has gained 6.6 percent this year, giving the company a market value of 329 million Tunisian dinars ($278 million).

The airline serves more than 50 destinations in 25 countries and carried 3.5 million passengers last year. The government holds 74 percent.