Financial Market Council Approves Simplified Public Tender Offer for Tunisian-Saudi Real Estate Company
The Financial Market Council (CMF) declared admissible, on August 6, 2025, a Simplified Public Tender Offer (OPA) targeting the shares of the Tunisian-Saudi Real Estate Company (SITS). This operation is initiated by Partner Investment SARL, acting in concert with Founders Capital Partners, both affiliated with the Poulina Group.
The OPA concerns the acquisition of 1,916,284 shares, representing 12.28% of SITS' capital, at a price of 3 dinars per share, excluding brokerage fees. Partner Investment already holds, along with Founders Capital Partners, 13,683,716 shares, or 87.72% of the capital. The objective of the operation is clear: to reach at least 95% of SITS' capital, the threshold allowing for the launch of a Public Withdrawal Offer and, ultimately, the delisting of the company from the stock exchange.
The offer period will extend from August 11 to September 9, 2025, inclusive. During this period, the initiator commits to repurchasing all shares presented to the offer on the market.
The valuation of SITS is based on several methods (discounted cash flow, profitability, stock market multiples), with a projected revenue growth rate of 8% per year until 2029, increasing from 5 to 14.2 million dinars. The net result is expected to rise from 1.035 million dinars in 2024 to 2.732 million dinars in 2029. The weighted average cost of capital (WACC) retained is 13.78%.
Partner Investment indicates that it does not plan to make any changes to the company's industrial, financial, or social policies over the next 12 months. If the OPA reaches its objective, SITS may be delisted from the Tunis Stock Exchange, ending its status as a publicly traded company.
