Photo credit: Ahmed Boussarhane/LNT.
As expected, the Saham group, under the leadership of Moulay Hafid Elalamy, signed a contract for the acquisition of Société Générale Marocaine de Banques (SGMB) and its subsidiaries, for an amount of 745 million euros. This transaction, which was concluded on April 11, 2024, includes 57.67% of the capital and voting rights of SGMB and its affiliates. A press release published on the morning of April 12 by the Saham group made this announcement.
The operation aims to create a new robust Moroccan financial group, thus consolidating the position and financial solidity of SGMB and its subsidiaries. It is, however, subject to obtaining the necessary regulatory approvals from several Moroccan authorities, including Bank Al-Maghrib, the Competition Council, the Insurance and Social Security Control Authority, as well as the Moroccan Insurance Authority. Capital market.
Moulay Hafid Elalamy, president of the Saham group, expressed his enthusiasm for this acquisition, which is part of the group’s very long-term investments and is aligned with the national strategies encouraged by the king. He also mentioned that the financing would come from the group’s own capital, generated by prior international investments.
The completion of the acquisition is scheduled for the end of 2024 and will be followed by a mandatory public purchase offer for the shares of EQDOM, a company listed on the Casablanca stock exchange.
LNT
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– 2024-04-13 12:29:48
