Tunisia’s financial market regulator, the Financial Market Council (CMF), has approved the acquisition of a 41.28% stake in listed glass packaging producer SOTUVER by Dutch-registered company BA GLASS B.V., according to decision No. 12 issued on April 2, 2026.
The transaction, which received prior clearance from the Ministry of Trade on March 4 under economic concentration rules, values the block of 16,204,636 shares at 13.020 dinars per share.
The stake was purchased from four major existing shareholders. Compagnie Financière d’Investissement (CFI) sold 11,400,621 shares (29.04% of SOTUVER’s capital) but retains a residual holding of over 12.6 million shares.
Lloyd Tunisien divested 2,696,993 shares (6.87%), INDINVEST sold 1,022,000 shares (2.60%), and Lloyd Vie exited entirely by ceding its 1,085,022 shares (2.76%).
By partnering with the BAYAHI group, BA GLASS B.V. aims to accelerate SOTUVER’s growth and establish it as a benchmark for glass packaging production across the Mediterranean region. The acquirer also intends to use the platform to expand into emerging African markets.
The change of control will trigger an immediate overhaul of SOTUVER’s board of directors, with new members representing the Dutch acquirer set to be appointed.
Under stock exchange regulations, crossing the 40% voting rights threshold automatically triggers a mandatory public tender offer.
BA GLASS B.V. will be required to propose buying the remaining 23,049,839 shares (58.72% of capital) held by the public and other shareholders. The offer price is set at 13.390 dinars per share, a premium to the control-block sale price.
The precise timetable and terms of the offer will be determined by the CMF in the coming weeks.
