Validation of the Mandatory Public Offer by the Financial Market Council
The Financial Market Council has validated the terms of the Mandatory Public Offer launched by the Dutch company B.A GLASS B.V. for the minority shareholders of the Tunisian Glass Company (Sotuver). This operation follows the acquisition by BA Glass BV of a block of 16,205,315 shares, representing 41.28% of the capital.
Details of the Offer
The offer, open from August 5 to August 26, 2026, targets the remaining shares not held by the initiator, i.e., 6,843,844 shares representing 17.43% of the capital, at a price of 13.390 TND per share. This price was established in accordance with stock market regulations, based on the highest value between the average of the last 90 days' prices, the acquisition price of the historical block, and any other significant transaction.
Commitments of the Offer Initiator
The initiator of the offer has stated that it does not plan, at this stage and for the next 12 months, any significant changes to the industrial, financial, or social policy of the targeted company. The acquirer has also committed to maintaining the stock market listing of Sotuver shares, refraining from any delisting and promising, if necessary, to redistribute on the market the number of shares necessary to restore a float of at least 10% of the capital.
Governance and Market Performance
The Board of Directors of Sotuver, recently renewed, now reflects this new shareholder structure, with representatives from the two main blocks. The company has also undertaken to launch, during the year 2026, two calls for applications to fill the positions of independent administrator and representative of minority shareholders, in accordance with good governance requirements. On the market, the share remains on an exceptional performance since the beginning of the year. We believe that the majority of minority shareholders will preserve their shares given the company's promising growth prospects.
