GPC Carton IPO: An Operation Hampered by Open Conflicts Among the Chaâbi Family

In early September, Boursenews revealed that the IPO of GPC Carton was imminent. The documentation for the operation was finalized, and the regulatory review by the AMMC was underway, according to multiple sources. Considered one of the most successful subsidiaries of Ynna Holding, GPC Carton was set to lead the stock market introductions of 2025, with an initial timeline planned for September to October. However, just days after this announcement, the situation took an unexpected turn. In a statement to Jeune Afrique, Mohcine Chaâbi, who is in open conflict with his brothers Omar and Faouzi, vice-presidents of the group, claimed he learned about the IPO project through the media. He stated that he would do "everything possible to block the operation," arguing that Ynna Holding is facing a fragile financial situation. During the same media appearance, he announced plans to submit a case to the AMMC to contest the IPO, accusing certain board members of irregularities and mentioning "medical fragilities" that he believes prevent them from ensuring proper governance. He also indicated that criminal proceedings were underway against members of the group's top management. These public statements have plunged the IPO into a turbulent zone, which is not conducive to the success of market operations that require trust and stability. This turmoil comes just as pre-IPO institutional communication was about to begin. According to several market professionals, these developments are likely to result in at least a significant delay of the operation, and in the most probable scenario, a complete suspension. However, sources indicate that other planned IPOs in the short term, which are continuing their preparations normally, remain on track.