Morocco: Tangier Med - Acquisition of 35 Percent Stake in Capital of Marsa Maroc

Casablanca — The State will transfer, in favor of the Tangier Med group, a strategic stake of 35% of the share capital of the "Société d'Exploitation des Ports Marsa Maroc" with a price of 5.48 billion dirhams, Marsa Maroc 2020 coupon attached.

This transaction is subject to the lifting of certain regulatory conditions and will be carried out on the block market, said Marsa Maroc in a press release, specifying that the State will retain a direct holding of 25% of the share capital and voting rights of Marsa Maroc.

This operation falls within the framework of the High Royal Guidelines relating to the reform of the public sector, underlines the same source, adding that the State is thus pursuing its policy of supporting the various identified strategic sectors, in particular through the public companies that it controls.

Tangier Med and Marsa Maroc, while retaining their independence, will implement a strategic partnership that will allow them to develop sectoral synergies and the Kingdom to have a strong unit, able to meet the logistical challenges of the national economy and better support Moroccan importers and exporters, with a more efficient and competitive service offer.

Tangier Med is an industrial-port hub comprising notably the Tangier Med 1 port, the Tangier Med 2 port, and more than 2,000 ha of logistics, industrial and commercial activity zones.

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