Tunisian food industry consortium GIAN-Poulina has won a tender to acquire state-owned retail chain Le Magasin Général.

The consortium has paid an estimated TND70m (US$54.7m) to buy the state’s 76.31% shareholding in the chain.

The group beat off competition from four other groups including one from Mabrouk, the local partner of French chains Monoprix and Géant.

Dating back to the 1920’s and Tunisia’s oldest retail chain, Le Magasin Général has close to 50 outlets covering 22 of the country’s 24 administrative districts.

Quoted on the Tunis stock exchange since 1999, the company has an annual turnover of TND100m.