ASSAD has just announced in a statement that its Board of Directors, meeting on September 25, 2018, decided to end talks with the European group MONBAT, specialized in the manufacture and distribution of batteries.
The company, under the control of Kallel family, had announced on August 18, 2017 it has signed a non-binding preliminary agreement with MONBAT to acquire a majority stake in ASSAD.
In its statement, the company recalls that it recorded in 2017 significantly improved results, with a turnover of 91.7 million dinars against 69.2 million dinars and a net result of 7.2 million dinars against 1 million dinars in 2016.
The trend for 2018 remains good with sales up 17% and net profit up 15% at the end of the first half.
The company has also gained market share in the local market, and export markets are favorable.
“These developments leave the Board of Directors very confident about the Group’s development prospects,” the statement said.
In addition, the Board of Directors of ASSAD announces that it remains open to any strategic alliance, allowing to improve the group’s achievements and performances, especially internationally.
Finally, the Board of Directors informs its shareholders that a general meeting will be convened next October to decide on the dividend distribution for the 2017 financial year.