Algeria: Dissolution of Kimial

Kimial, the partnership between Asmidal (45%) and the Tunisian group Alkimia, has lost far more than three quarters of its capital. Therefore, the extraordinary general meeting hold last September decided the early dissolution of the company by appointing a liquidator for the purpose of Algeria to support the liquidation. In its initial configuration, the project involved a “revamping” of the old unit, but the new regulations on the Algerian earthquake standards was established to evaluate the project to build a new plant composed of two sections with their auxiliaries. In this regard, the start of the plant could not be made ​​until July 2009. Because of this delay of 18 months, the company has gone through an acute financial crisis exacerbated by an unfavorable market conditions as well as the non-use of STPP by Henkel, the largest producer of detergents in Algeria. Another factor was the increase of phosphoric acid prices. According to  Mhiri Ali, CEO of Alkimia, the losses from their investments in Algeria are estimated in nine million dinars.

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