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HomeNewsTunisia: Power Brands takes a 95% stake in CEREALIS

Tunisia: Power Brands takes a 95% stake in CEREALIS

The operation of compulsory takeover bid (OPA) on the shares of the company CEREALIS, opened on Thursday, November 17, at the unit price of 13.300 dinars, was closed on Wednesday, December 07, 2022.

It is recalled that as of the opening date, Cardinal Brands Limited holds 5,405,599 shares representing 52.87% of the share capital of Power Brands which, in turn, holds 3,622,208 shares representing 74.09% of the share capital of CEREALIS.

Through this operation, the company Cardinal Brands Limited, acting in concert with the company Power Brands, aims at the acquisition by the latter of 1,266,681 CEREALIS shares representing 25.91% of the company’s capital.

Indeed, the company Power Brands acting in concert with the initiator Cardinal Brands Limited, declared to have acquired on the Stock Exchange, during the period of the offer, 1,025,465 shares, that is to say 20.98% of the capital, for a total amount of 13.6 million dinars.

Thus, the company Cardinal Brands Limited, acting in concert with the company Power Brands, holds henceforth 4,647,673 shares, representing 95.07% of the capital of the company CEREALIS.

The company Cardinal Brands Limited is a limited liability company, under Mauritian law and whose capital is held by two investment funds created respectively by a Qatari sovereign wealth fund and a Rwandan government institution and is represented by the Tunisian Amine Allam.

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