On December 18, 2025, the Tunisian Glass Company (SOTUVER) announced that “its reference shareholders signed, on December 16, 2025, the contractual documentation governing the transfer of shares representing 41.28% of SOTUVER’s capital to B.A. Glass BV, a company of the BA Glass Group, one of the world’s leading players in the glass packaging industry.”
Da Silva had spoken about it, but not the company’s website
Founded in 1912, the company is Portuguese and describes itself as “a leader in the production of glass packaging for the agri-food industries, with annual output of 12 billion containers, operating 13 plants in Europe and North America, and exporting to more than 70 countries.” In the News section of its website, there is still no reference to the information published in Tunisia by SOTUVER concerning it.
Yet its CEO, Tiego Morina Da Silva, met in Tunis on December 16 with Samir Abdelhafidh, Tunisia’s Minister of Economy and Planning. At that time, Da Silva clearly expressed his group’s intention to invest in Tunisia.
According to the same source, this is a strategic decision aimed at expanding its activities into promising markets, particularly in Africa. As for choosing Tunisia, Da Silva said it was based notably on its geographic position and the availability of skilled and qualified human resources, according to a ministry statement.
A takeover bid in preparation
In its statement, the Tunisian company specified that “the Compagnie Financière d’Investissement, acting in concert with the natural and legal persons of the Bayahi Group, currently holds 82.56% of SOTUVER’s capital.”
It added that “this transaction is part of a strategic review of the shareholder base, aimed at supporting long-term development, strengthening the financial structure, and supporting growth prospects.”
More importantly, the statement notes that “the effective completion of the transfer remains subject to the lifting of the usual conditions precedent, notably obtaining the required regulatory approvals.”
Regarding what is presented as an upcoming opening of capital, according to a statement by the CMF (Financial Market Council), and a strategic partnership project according to SOTUVER, Africanmanager took the initiative to ask management why the SOTUVER–BA Glass transaction has still not been signed, since it has not yet been recorded on the stock exchange. What are the conditions precedent referred to in SOTUVER’s statement?
The response was that the transaction is awaiting approval from the CMF (Financial Market Council), and that “such approval is required because they will acquire more than 40% of the capital, which will therefore be followed by a takeover bid (OPA)” for SOTUVER’s capital, a company listed on the main market, and by a Portuguese company owned by a private group that is not listed.
It may therefore be expected that the CMF will issue a decision obliging the new shareholder to buy back the shares that minority shareholders may wish to sell on that occasion.
How is SOTUVER doing?
In 2025, SOTUVER recorded revenue of TND 121.550 million, up 16% compared with the same period of the previous year. On the domestic market, revenue declined slightly by 6%, but this was offset by the contribution of SOTUVER Glass Industrie (SGI), in which SOTUVER recently invested TND 4.847 million to acquire SGI shares, raising its stake to 100% of its subsidiary’s capital. According to SOTUVER’s management, this move helped reverse the trend, bringing consolidated growth to +4%.
Its quarterly activity indicators specify that exports remain the main driver of growth, accounting for three-quarters of revenue and posting a 26% increase despite a challenging international environment.
On a consolidated basis, total revenue reached TND 262.304 million, an improvement year-on-year, supported by the positive contribution of the new subsidiary SOTUVER Glass Industrie (SGI).
According to management, “these performances reflect the strength of the business, market diversification, and adaptability, enabling the company to consolidate its position in a complex environment.”
For 2026, the Group will rely on recently opened export markets and its local activities to pursue controlled and sustainable development. This outlook would undoubtedly be even stronger if the agreement with B.A. Glass BV were to materialize.
At the end of the first half of fiscal year 2025, on a consolidated basis, the SOTUVER Group reported net profit of more than TND 29.7 million, with profit attributable to the parent company, SOTUVER, of nearly TND 26.7 million, almost double the TND 13.5 million recorded in the same period of fiscal year 2024.
On the debt side, SOTUVER reported total debt of TND 163.697 million, a 14% decrease compared with commitments at the end of 2024.
Social and tax audits
As reported by SOTUVER’s statutory auditors in the 2024 financial statements, “the company was subject to a social audit covering the period from January 1, 2021 to December 31, 2023. Under the social amnesty, the amount payable by the company totals TND 1,097,061. The risks arising from this social audit are sufficiently provisioned in the company’s accounts as of December 31, 2024.
The company was also subject to a preliminary tax audit for the fiscal year from January 1, 2020 to December 31, 2020.
On November 26, 2024, the company received a notification of the results of the preliminary tax audit showing an adjustment totaling TND 1,552,627 in principal and penalties. The risks arising from this tax audit are sufficiently provisioned in the company’s accounts as of December 31, 2024.”
