Sanad Fund for MSME Crosses 20% Threshold of Hannibal Lease's Capital
The Luxembourg-based Sanad Fund for MSME, an investment fund, has crossed the 5% and 10% thresholds of Hannibal Lease's capital on May 28, 2024. Following this operation, the fund's direct stake reached 1,158,499 shares and voting rights, representing 10.531% of the leasing company's capital.
Two months later, on July 31, 2024, Sanad Fund for MSME crossed the 20% threshold by directly acquiring 484,000 shares, bringing its direct stake to 2,201,294 shares, or 20.012% of the capital. These figures reveal that the investment vehicle has been buying up the company's shares on the market since then.
The stock market acquisition was declared to the Tunis Stock Exchange on August 5, 2024, through the brokerage firm MAC SA. Sanad Fund for MSME has indicated its intention to continue acquiring shares over the next 12 months, without any specific plans for the moment.
The Sanad Fund for MSME (micro, small, and medium-sized enterprises) is an investment vehicle aimed at supporting entrepreneurs in the Middle East and North Africa. Hannibal Lease is a perfect target, as it finances SMEs in various sectors, which often face difficulties in accessing different sources of financing. The fund can therefore play a key role through its presence in the Tunisian company's capital.
The next threshold to be declared is 33.33%. We believe that if the fund reaches this level, it is likely to seriously consider taking control of the company. The United Gulf Bank (UGB) has definitively exited Hannibal Lease's capital. Now, it is possible that the other insurers present in the capital, MAE and Ctama, may be willing to sell their shares if they find it profitable. Together, they hold 13.32% of the leasing company's capital. Therefore, their decisions will be crucial if the fund continues to increase its stake. A file to follow.
