The Tunisian Automobile Company (STA), a publicly traded firm with a market cap of 20 million dinars (TSE data), was previously controlled by construction magnate Nouri Chaabane’s group (41.58%) and the Marzougui/Marzouki family (15%).
Founded in 1976 with 18 million dinars in capital, the Gabès-based company became the distributor of a Chinese auto brand before its March 2022 IPO.
From One Shadow to Another
STA remains under the control of another low-profile Gabès-based family holding. Nouri Chaabane—who avoided publicity and whose photo remains absent from social media—issued a press release on May 7, 2025, announcing his reduced stake in STA to below 50%, just over three years after its IPO.
This followed an April 29 declaration by the equally discreet Kilani family holding, which acquired 51.24% of STA.
The new owners are a Gabès-based conglomerate with 2,700 employees, 150 partners, 12 companies, and 240 brands, primarily in healthcare and cosmetics across Tunisia and Africa—though no public financial data exists.
Until 2024, the group was virtually unknown in Tunisia’s business circles, despite claiming on its now-defunct website to operate in pharmaceuticals, agro-industry, healthcare distribution, and even art and construction. Its acquisition of Adwya Pharmaceuticals first drew attention to this shadowy family holding, which prefers operating away from the spotlight.
What Do the Kilanis Plan for STA?
Following the takeover, Tunisia’s Financial Market Council (CMF) mandated a mandatory public tender offer (OPA) for the remaining 45.94% of STA shares. Kilani Holding, now owning 54.06%, offered 24.400 dinars per share—nearly 1.5x the IPO price of 17 dinars.
Unlike with Adwya (which they delisted post-acquisition), the Kilanis pledged to maintain STA’s stock market listing, promising to refloat at least 10% of shares if their stake exceeds 95%.
Will the Kilanis Invest Further?
In filings to the CMF, the family outlined plans to expand the Chinese brand’s dealership network nationally, broaden the vehicle lineup (including EVs, hybrids, and pickups), explore local assembly, a nearly defunct sector since Zouari Group’s Sousse plant closure and study a potential Daewoo Trucks distribution deal (a card previously held by Adwya)
Was This a Good Deal?
STA’s flagship brand ranked just 12th in 2024 sales (market share <4%), trailing competitors like City Cars (364 million dinars revenue, 27.8 million dinars net profit).
The Kilani purchase at a premium raises questions—especially given STA’s unfulfilled IPO dividend promises and recent CMF reprimands.
