Des jus de fruit pour la Bourse d’Alger

L’année 2013 devrait être inaugurée par une nouvelle introduction en Bourse. L’Offre Publique de Vente lancée par NCA permettra pour la première fois la cotation d’une entreprise spécialisée dans la production de produits de large consommation. Elle constituera aussi selon Slim Othmani : « un signal fort pour les investisseurs étrangers ».

Les Nouvelles conserveries algériennes (NCA), qui produisent les jus de fruits de la marque Rouiba, ont reçu le feu vert de la Cosob pour une entrée à la Bourse d’Alger. le  PDG de la société, M.  Slim Othmani  le confirme : « Nous avons obtenu, fin décembre 2012,  le visa de la Cosob pour introduire environ  25 % du capital de notre société en Bourse. Nous espérons être cotés entre le 17 et le 20 mars prochain ».

NCA Rouiba sera ainsi la deuxième entreprise à capitaux privés cotée à la Bourse d’Alger, après l’assureur privé Alliance Assurances dont l’introduction date du début de l’année 2011. Fondée en 1966, NCA Rouiba, a réalisé un chiffre d’affaires de près de 6 milliards de dinars  en 2012. L’entreprise emploie 450 salariés. Un peu plus de 30 % de son capital sont détenus par le fonds d’investissements international Africinvest  à la suite de l’ouverture du capital de cette société familiale  en 2005 qui fut à l’époque la première expérience de ce type  en Algérie selon M. Othmani.

Evoquée avec insistance au cours des dernières années, l’entrée en Bourse de NCA intervient à la suite d’une procédure qui a déjà duré près d’une année depuis le dépôt du dossier de l’entreprise auprès de la Cosob. Les dirigeants de NCA doivent maintenant  « réactualiser » ce dossier avant de passer à la phase finale  qui consistera dans le placement proprement dit des actions mises en vente auprès du grand public. Prévue pour le milieu du mois de mars prochain, cette opération devrait s’étaler « sur une période de 15 jours à 3 semaines ». L’entreprise sera accompagnée dans cette dernière ligne droite par BNP Paribas el djazair qui conduira un pool de banques algériennes. Pour Slim Othmani, le succès de l’opération ne fait pas de doutes. Il assure qu’elle permettra « pour la première fois en Algérie la cotation en Bourse d’une entreprise spécialisée dans la production  de produits de large consommation connus et compris par le public ».

« Un signal fort pour les investisseurs »

C’est la principale originalité de cette opération : le PDG de NCA précise que  l’introduction en bourse de sa société s’effectuera à travers une offre publique de vente (OPV) et ne se traduira donc pas par une augmentation de capital. L’objectif  est  essentiellement  de permettre la cession  au grand public de la plus grande partie des actions d’Africinvest  ainsi que de celles de « plusieurs autres petits actionnaires de la société ».

Beaucoup de spécialistes en sont convaincus. L’atrophie du marché boursier algérien bloque l’essor du capital risque faute de porte de sortie pour les investisseurs. A travers le visa accordé par la  Cosob  à  NCA , l’Administration algérienne, à la suite d’une longue concertation entre le ministère des finances et la Banque d’Algérie, vient donc pour la première fois d’approuver la sortie d’un investisseur étranger via la Bourse. Les avantages pour Africinvest sont nombreux. Ils permettent de sécuriser  un éventuel transfert du capital dans un contexte d’hyper contrôle de la Banque d’Algérie. Ils garantissent en outre des plus-values de cession qui sont actuellement défiscalisées par la réglementation. Slim Othmani considère qu’il s’agit d’un « signal fort adressé aux investisseurs étrangers ».

Vers le 51/49 via la bourse ?

Peut être aussi la première étape vers l’application d’une des  propositions phares des experts qui travaillent depuis plus de 2 ans, autours de la Cosob et avec le concours du PNUD sur un plan de développement de la Bourse d’Alger. .L’utilisation de la bourse pour faciliter l’application de la règle du 51/49 est l’un des aspects les plus audacieux des propositions formulées par les experts réunis par la Cosob., Depuis la LFC 2009, les entreprises étrangères sont tenues de s’associer à des partenaires algériens majoritaires  et à respecter lors de l’ouverture de leur capital,  le droit de préemption de l’Etat concernant la cession de leurs participations. «  L’autorisation donnée à ces entreprises de céder à la bourse une partie de leur capital sans demander à l’Etat s’il désire les reprendre lui-même dans le cadre du droit de préemption va inciter davantage ces entreprises à s’introduire en bourse, » selon les initiateurs du programme.
   
Une lueur d’espoir

Le plan de sauvetage de la Bourse d’Alger dont les grandes lignes ont de nouveau été restituées au cours d’une journée d’information organisée en décembre dernier  devrait  selon ses initiateurs, permettre « dans un délai de 5 à 8 ans » de faire passer le nombre de sociétés cotées de 3 à 38 et à la capitalisation boursière de grimper à 10 milliards de dollars. En attendant, et à plus court terme, il faudra se contenter du maigre bilan publié par le récent rapport annuel de la Cosob pour 2011 qui fait état d’une dégringolade du marché obligataire qui n’a enregistré aucune nouvelle émission et dont la capitalisation a été divisée par 2 en raison de l’arrivée à échéance de nombreux emprunts. Pour le compartiment action, le même rapport évoque sans dévoiler leur identité les demandes de visas de 3sociétés  dont on sait qu’il s’agit  de NCA qui vient d’obtenir le visa de la Cosob ainsi que Maghreb Leasing Algérie et Salama Assurances. Le directeur de la Bourse  d’Alger, Mustapha Ferfara, affirmait de son coté récemment qu’ «au moins une dizaine d’ entreprises sont  clairement intéressées par des opérations d’admission en Bourse et  comptent se préparer activement à cet effet ».

Hassan Haddouche

canicule

Alerte canicule pour ce week-end/Ce que la Protection Civile recommande aux Algériens

L’été pointe à l’horizon et les premières grosses chaleurs vont se faire sentir dès ce week-end. Un bulletin météorologique spécial annonce la canicule dans plusieurs régions en Algérie. Les températures peuvent atteindre ou  dépasser les 38, voire 39 degrés dans certaines wilayas. Partant de ce contexte, la Direction générale de la Protection civile a mis […]

logement aadl

AADL/Remise des clé des logements des souscripteurs 2001-2002 lundi prochain

Bonne nouvelle pour les souscripteurs ADDL  2001-2002 ! Les clés du premier lot de logements du programme AADL 2001-2002 à Alger seront remises à leurs bénéficiaires lundi prochain à Alger. Une cérémonie sera organisée à cette occasion, a révélé jeudi le ministre de l’Habitat, de l’Urbanisme et de la Ville Abdelmadjid Tebboune. Après une longue […]

boissons-plastique

Consommation/ 78% des boissons commercialisées dans des bouteilles en plastique seraient toxiques

L’Association de protection et d’orientation du consommateur et son environnement (APOCE) a lancé, mercredi, une campagne de sensibilisation sur les conditions de stockage et de transport des bouteilles en plastiques sous le slogan «Ne me fais pas boire du poison». Des chiffres inquiétants ont été communiqués par le président de cette association, Mustapha Zebdi. Ils […]

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