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Moroccan Central Bank Approves Saham Finances’ Purchase of Société Générale’s Unit
The Central Bank of Morocco has approved the acquisition of a 57.67% stake in Société Générale’s local subsidiary by Saham Finances, the company owned by Moroccan businessman Moulay hafid Elalamy, according to a report in Le Matin on November 25. This news comes from a notice published in the kingdom’s official journal.
Saham Finances ushers in a new era for Société Générale Maroc
Morocco’s banking sector has entered a historic phase as Saham Finances takes control of Société Générale Maroc. This landmark acquisition, positioning the bank under full Moroccan ownership, redefines its strategic priorities and market role, heralding a bold new chapter. A deal worth €745 million for a 57.67% stake signals Saham finances’ determination to bolster Morocco’s financial landscape.
7News Morocco on LinkedIn: the Moroccan financial landscape is undergoing a transformative shift
the Moroccan financial landscape is undergoing a transformative shift with the declaration of a mandatory public buyout offer targeting EQDOM. Spearheaded by Saham Finances, Société Générale Marocaine de Banques (SGMB), and Investima, this move signals a significant restructuring within the sector.Moulay Hafid Elalamy, boss of Saham, had used two structures to take the share of the shares of the Société Générale group within the Société Générale Marocaine de Banques (SGMB): Saham Horizon and Saham Finances.
elalamy had thus, as also explained by The Desk, restructured two of its five funds: Saham Outsourcing Services Funds, dedicated to activities in the sector of appeal centers, which has become Saham Finances, while the second bore the name of Saham Education Fund, previously devoted to private schools De MHE and transformed into Saham Horizon, a structure with which the group today recovers the moroccan Life.
Now it is done: the draft public offer declared admissible and its main characteristics unveiled in the notice of admissibility which thus marks the start of the period of the offer.in detail, the OPA aims at all of the shares not held by the initiators Saham Finances, SGMB, and Investima, it being specified that RCAR, CIMR, and SCR have given up bringing the titles they hold to the offer. Thus, the OPA relates to a total of 364,112 shares, representing 21.80% of the capital and voting rights of EQDOM.
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An exceptional tax burden of 82.4 MDH
Table of Contents
In addition, EQDOM’s annual result for 2024 will be impacted by an exceptional tax burden. The company declared by press release in early February that following a tax audit, it reached an agreement with the tax administration.this agreement provides for the payment of a final sum of 82.4 MDH.The dispute mainly concerned corporate tax, income tax (for the period from 2020 to 2023), and also VAT (for the period from 2016 to 2023), while Eqdom was still under the French Group Cup.
“Even though this exceptional incident has an impact on the company’s accounts, its activity and its turnover forecasts for the 2024 financial year remain in accordance with the objectives set,” reassured Eqdom in its press release.”On the other hand, the exceptional tax burden will have an affect on the net profit of the company for 2024,” it was specified.
fourth player in consumer credit in morocco, with a market share of 15% in 2023, EQDOM carried out a net profit of 90 MDH in 2023, with a net banking product (PNB) of 545 MDH, down 6% compared to the previous year.
As of September 30, 2024, the company, of which Moulay M’hamed Elalamy was brought to the presidency of the Council on December 3, succeeding Mohammed Tahiri in the wake of the operation with the SGMB, posted a drop of 1% of its PNB.
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Saham Finances Ushers in a New Era for Société Générale Maroc
Morocco’s banking sector has entered a historic phase as Saham Finances takes control of Société Générale Maroc. This landmark acquisition, positioning the bank under full Moroccan ownership, redefines its strategic priorities and market role, heralding a bold new chapter. A deal worth €745 million for a 57.67% stake signals Saham Finances’ determination to bolster Morocco’s financial landscape.
The Transformative Shift in Moroccan Finance
The Moroccan financial landscape is undergoing a transformative shift with the declaration of a mandatory public buyout offer targeting EQDOM. Spearheaded by Saham Finances, Société Générale Marocaine de Banques (SGMB), and Investima, this move signals a significant restructuring within the sector. Moulay Hafid Elalamy, the boss of Saham, had used two structures to take the share of the shares of the Société Générale group within the Société Générale Marocaine de Banques (SGMB): Saham horizon and Saham Finances.
Elalamy had thus, as also explained by The Desk, restructured two of his five funds: saham Outsourcing Services Funds, dedicated to activities in the sector of appeal centers, which has become Saham Finances, while the second bore the name of Saham Education Fund, previously devoted to private schools De MHE and transformed into Saham Horizon, a structure with which the group today recovers the Moroccan Life.
Now it is done: the draft public offer declared admissible and its main characteristics unveiled in the notice which thus marks the start of the period of the offer. In detail, the OPA aims at all of the shares not held by the initiators Saham Finances, SGMB, and Investima.It being specified that RCAR, CIMR, and SCR have given up bringing the titles they hold to the offer. Thus,the OPA relates to a total of 364,112 shares,representing 21.80% of the capital and voting rights of EQDOM.
Conclusion
This acquisition and the subsequent restructuring efforts by Saham Finances and its partners signal a significant conversion in Morocco’s financial sector. With full Moroccan ownership of Société Générale Maroc and the ongoing restructuring of financial institutions, the country is poised for a new era of financial stability and growth.
