Financial Market Council Receives Request for Simplified Public Tender Offer for 1,918,304 Shares of Tunisian-Saudi Real Estate Company (SITS)
The Financial Market Council has been approached with a request to launch a simplified public tender offer (OPA) for 1,918,304 shares of the Tunisian-Saudi Real Estate Company (SITS), representing 12.30% of its capital. The initiator of this project is Partner Investment SARL, which, together with Founders Capital Partners, holds a 87.70% stake in SITS. Behind this offer lies the giant PGH, which does not take on companies randomly. There is a strategy and an opportunity.
Firstly, SITS is a healthy company. Its 2024 equity, before the distribution of profits, amounts to 43,887 MTND. It has no carried-over results, unlike the two other listed real estate companies on the market. The company's debt stands at 6,871 MTND, which is not alarming. However, what is most interesting is the stock. Among the ongoing projects, two are particularly promising: Zahret Soukra 2 (4,936 MTND) and Luxoria (19,106 MTND).
The first project is a residence comprising a ground floor and five floors, housing 55 apartments, some with private gardens. A significant portion has already been sold. As for Luxoria, it is located in the heart of the Carthage Gardens, boasting an exceptional panorama over the hills of Carthage. We are therefore talking about two of the most prestigious areas of the capital. The stock of finished products is limited to 4,052 MTND. The land reserve shows a plot in Sousse worth 15,596 MTND. This is its acquisition cost, and its real value far exceeds its accounting valuation.
Moreover, the company is not subject to any tax or social audit. All this makes SITS a perfect target for those who want to invest in high-end real estate and have the means and financial capabilities to make such projects profitable. PGH has understood this and has not missed the opportunity.**
