The SNI Holding sells 27.5% of Cosumar group to WILMAR of Singapore
Lemag: The holding company controlled by shareholders of the royal family, the National Investment Company (SNI) announced Tuesday the sale of a block of 27.5% of its shares in the capital of Cosumar at first Asian food group, Singapore's Wilmar.
Source : https://www.marocafrik.com/english/The-SNI-Holding...
The transaction was completed for a price of 2,000 dirhams share, or a total of about 2.3 billion dirhams.
This transaction is the first phase of a program to transfer control of Cosumar announced in March 2010 by SNI.
A second phase is planned which will involve the transfer of a second block of a 26.5% stake in Cosumar to Moroccan institutionals .
At the end of this second phase, the 54% stake will be jointly controlled by Cosumar Wilmar and Moroccan institutionals.
SNI promises, finally, to offer its remaining stake in Cosumar (about 10%) to the general public which will allow expansion of its free float.
These three phases will lead to the consolidation of more than 70% of the capital of Cosumar in the hands of a Moroccan shareholding, supported by a world leading industrial partner.
Cosumar is a company specialised in food industry trades sugar.
This transaction is the first phase of a program to transfer control of Cosumar announced in March 2010 by SNI.
A second phase is planned which will involve the transfer of a second block of a 26.5% stake in Cosumar to Moroccan institutionals .
At the end of this second phase, the 54% stake will be jointly controlled by Cosumar Wilmar and Moroccan institutionals.
SNI promises, finally, to offer its remaining stake in Cosumar (about 10%) to the general public which will allow expansion of its free float.
These three phases will lead to the consolidation of more than 70% of the capital of Cosumar in the hands of a Moroccan shareholding, supported by a world leading industrial partner.
Cosumar is a company specialised in food industry trades sugar.
Source : https://www.marocafrik.com/english/The-SNI-Holding...