Taraji Holding and BNA Assurances: Two flagship listings to ignite stock market

African Manager

6 days ago

The Tunis Stock Exchange is preparing to end 2025 under the sign of renewal, with the expected arrival of two new companies on the listing. These are Taraji Holding, the commercial subsidiary of the Espérance Sportive de Tunis club, and BNA Assurances, currently traded on the over-the-counter market.
These operations are expected not only to bring market capitalization to a record level, but also to help revitalize a market that suffers from a lack of activity, both primary and secondary.
The first listing concerns Taraji Holding, a public limited company controlled by the parent association Espérance Sportive de Tunis. With a post-capital-increase valuation estimated at 130 million dinars, this listing is a first in Tunisia.
It marks the emergence of a new segment on the Stock Exchange, linking professional sports with market financing.
This operation could serve as a model for other sports or cultural entities wishing to structure their commercial activities as companies and open their capital to public savings.
The second listing is that of BNA Assurances, a subsidiary of the BNA group, with an indicative capitalization of 285 million dinars. Its listing will be done via a direct registration procedure, an option provided by regulations for companies already traded on an electronic system, as is the case here.
This operation will allow for better valuation of the stock, increased visibility, and a broader investor base, while also reinforcing the representation of the insurance sector in the official listing.
To date, the Tunis Stock Exchange includes 74 listed companies, representing a capitalization of 30.5 billion dinars, or about 17.3% of GDP.
The arrival of Taraji Holding and BNA Assurances will bring this total to 76 companies with an estimated capitalization of 31 billion dinars, thus establishing a new all-time high.
For the record, the market crossed the symbolic 30 billion dinar threshold for the first time on July 4, 2025.
Beyond the size effect, these two listings have strategic significance.
They breathe new life into a primary market segment that has remained relatively inactive in recent years and could create a ripple effect for other companies, especially public or family-owned, seeking financing or succession planning.
At the same time, the broadening of the listing offers new opportunities to investors and increases potential liquidity in the secondary market.
In short, these two operations revive the attractiveness of the Tunis marketplace by bringing both diversification, visibility, and a signal of confidence in the role the Stock Exchange can play in financing the real economy.
At the referee's whistle, the two teams will enter the pitch side by side.