Poulina Group Holding (PGH) Announces Non-Binding Offer to Acquire Stake in SAH
Yesterday, Poulina Group Holding (PGH) announced in a market communiqué that it has made an offer to acquire a block of shares held by Olea Holding, representing 45.48% of the capital of JM Holding, the main shareholder of Société d'articles hygiéniques (SAH). PGH and Olea Holding have signed a non-binding and non-exclusive Term Sheet.
The finalization of this operation remains subject to:
- Final approval from the internal instances of the concerned parties
- Satisfactory completion of acquisition audits
- Signing of usual contractual documents
- Obtaining required regulatory and administrative authorizations
PGH commits to informing the public and its shareholders of any developments related to this deal.
According to the latest available capital structure, dated June 22, 2023, and taking into account the acquisition of shares made on November 1, 2023, JM Holding holds 53,714,118 SAH shares, representing 65.75% of the holding's capital. If the announced operation by PGH materializes, it will control 29.90% of SAH's capital. This represents a major change in the company's shareholder structure, although it remains below the 40% threshold, which would trigger a tender offer on the remaining capital.
This is excellent news for shareholders, as PGH is the largest private group in Tunisia, with unique expertise and commercial and financial strength not only locally but also internationally, where the hygiene products specialist is already present. The stock is expected to surge today on the market.
