Kilani Holding Authorized to Acquire Majority Stake in Société Tunisienne d'Automobiles (STA)
Following the request submitted by Kilani Holding to acquire a majority stake in the capital of Société Tunisienne d'Automobiles (STA), the Financial Market Council has granted its approval. However, since the concerned capital share exceeds the 40% threshold, the acquirer of the block of shares is subject to a mandatory public tender offer for the remaining capital of STA. The offer will concern 975,139 shares, representing 48.76% of the capital.
The block consists of 1,024,861 shares, representing 51.24% of the capital. The sellers are:
- Nouri Chaabane: 831,575 shares
- Seifeddine Chaabane: 20,000 shares
- Nedra, wife of Nouri Chaabane: 14,000 shares
- Consortium des Immobilières Maghrébines: 78,618 shares
- Société Hôtel Palace: 80,668 shares
The sale price is set at 24,400 TND per share. Through this operation, the Kilani Group aims to expand its network and the Chery brand among consumers, and potentially develop assembly activities in Tunisia, which could strengthen the local automotive industry and create job opportunities. In our opinion, this activity benefits from an operating cycle that generates cash, complementing the Group's other activities.
The characteristics of the public tender offer will be set by the Financial Market Council and will be published in its Official Bulletin once the acquisition of the block is completed. It is worth noting that Kilani Holding plans to strengthen its position in STA's capital but does not intend to request its delisting from the stock exchange, even if it were to hold more than 95% of its capital. Therefore, the Tunis Stock Exchange will not lose a listed company.
