Tunisian Agro‑Industrial Group Poulina Group Holding (PGH) Presents a Non‑Binding Offer to Acquire a Majority Stake in Land’Or
Date: 18 February 2026
Source: La Presse – BVMT: Poulina Group and LAND’OR suspended at the request of the CMF
Overview
Poulina Group Holding (PGH), a leading Tunisian agro‑industrial conglomerate, announced on 18 February 2026 a non‑binding proposal to the foreign investment fund Maghreb Private Equity Fund IV LLC. The aim is to acquire a direct and indirect majority shareholding in the dairy and cheese producer Land’Or.
Following the announcement, the Bourse de Tunis (BVMT) halted trading of both PGH and Land’Or securities for the entire session on Thursday, at the request of the Conseil du Marché Financier (CMF), to guarantee equal information for all investors.
Key Points of the Potential Takeover
| Aspect | Details |
|---|---|
| Target stake | Shares currently held by Maghreb Private Equity Fund IV LLC, the reference shareholder of Land’Or. |
| Strategic rationale | • Consolidation of the Tunisian agri‑food sector. • Expansion of PGH’s footprint in high‑value‑added dairy and cheese segments. • Potential exit for the private‑equity fund after several years of participation. |
| Current status | The offer is non‑binding – no definitive agreement has been signed. |
| Next steps | 1. Financial and operational due‑diligence audits. 2. Ongoing negotiations between the parties. 3. Obtaining all required regulatory approvals. |
| Outcome uncertainty | No guarantee that the transaction will be completed; it remains subject to the above conditions. |
| Market impact | The simultaneous suspension of PGH and Land’Or shares is a standard precaution when material, price‑sensitive information emerges. BVMT expects normal trading to resume at the next session once full disclosure is made. |
Context
The move comes amid a broader consolidation wave in Tunisia’s agri‑food industry. PGH, already a dominant player in the food sector, seeks to strengthen its position in value‑added dairy products, while the foreign fund may look to liquidate its stake after a period of investment.
If finalized, the acquisition would represent a major transaction in the national agro‑food landscape, potentially reshaping competitive dynamics in the dairy and cheese market.
What Happens Next?
- Trading suspension: BVMT has temporarily halted the listing of both companies.
- Information dissemination: Full details will be released to the market, after which normal trading is expected to resume.
- Regulatory review: The CMF and other authorities will assess the deal for compliance with Tunisian market rules.
Further Reading
- BVMT: Poulina Group and LAND’OR suspended at the request of the CMF – Read the full article on La Presse
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