By Decision No. 27 dated August 6, 2025, the Financial Market Council (CMF) declared admissible the Simplified Public Purchase Offer (OPA) initiated by Partner Investment SARL, acting in concert with Founders Capital Partners, targeting the shares they do not hold in the capital of the Tunisian-Saudi Real Estate Company – SITS, in accordance with Article 155 and following of the General Regulation of the Stock Exchange.
Partner Investment SARL (Editor’s note: a subsidiary of the Poulina Group of companies), acting in concert with Founders Capital Partners, is the initiator of the Simplified Public Purchase Offer.
Partner Investment SARL has declared itself the sole buyer of the shares offered for sale during the execution of this operation.
OPA Leading to OPR and Exit from the List of Public Appeal Entities (FAPE)
Partner Investment SARL, the initiator of the simplified OPA, acting with Founders Capital Partners, holds 13,683,716 SITS shares, representing 87.72% of the company’s capital.
They are aiming to acquire 1,916,284 SITS shares, representing 12.28% of the capital.
The initiator commits, during the validity period of the OPA, to purchasing on the market all shares presented in response to this offer.
The offer price is set at 3.000 dinars per share, excluding brokerage fees and transaction commissions—amounting to a total valuation of 46.8 million dinars.
Importantly, in line with 2025’s trend, SITS will become the latest company to exit the Tunis Stock Exchange. According to the CMF statement, the purpose of the OPA is “to purchase all SITS shares with the goal of reaching at least 95% ownership of the company’s capital—the minimum threshold required by current regulations to launch a Public Withdrawal Offer (OPR), with the aim of delisting the company from the stock exchange and reclassifying it out of the category of publicly listed companies.”
And so it will be as if this former Tunisian-Saudi real estate developer never set foot (or rather, figures) on the stock market. It is expected that the new owners will soon file a Public Withdrawal Offer project for all remaining capital they do not yet own.
A Net Income per Share of 0.066 DT
Heading toward the OPR and delisting, it is unclear why the initiators of the OPA bothered to include financial forecasts in their offer.
The CMF statement says: “The company is forecasting annual revenue growth of 8%, from 5.009 million dinars in 2024 to 14.248 million dinars in 2029. This growth is mainly attributed to the commercialization of the Zahret Soukra 1, Zahret Soukra 2, and Luxoria Jardins de Carthage projects over the forecasted period.”
The initiators omit mention of other very old unsold projects, such as those in Monastir. Despite having received CMF approval and publicly declaring their intention to exit the BVMT (Tunis Stock Exchange), the OPA initiators add that:
“Following a significant improvement in revenue and better control over operating expenses, the company’s net income would increase from 1.035 million dinars in 2024 to 2.732 million dinars in 2029, representing an annual growth of 9%.”
