The holding ONA injects $ 900 million to boost Morocco's foreign exchange reserves

Morocco's  rate of coverage of imports by foreign exchange reserves,  fell in recent days and at the last count  stood at 59 days. The holding company ONA - SNI,of which  the royal family is a shareholder, has paid a substantial sum in foreign currency into  Morocco's foreign exchange reserves.

$ 900 million, obtained from two divestments the majority share in two industrial companies in the food division of the holding company.

This is 37.8% of the capital of Central Laitiiere , sold in June, the French group Danone Dh 6.1 billion or $ 700 million and 50% of the shares of BIMO biscuits, sold in September to the U.S. Kraft Foods to 1.31 billion dirhams or 200 million dollars.

Both transactions were  finalised inin detail in recent days, and the amounts of the two products disposals received by SNI-ONA and paid to the Group's accounts in Morocco, and voted accordingly in foreign currency, recorded by Bank Al Maghrib, the reserve currency of the realm.

Note that the holding ONA - SNI initiated a realignment of its strategic investment policy of separating mature activities, includingthe  food hub composed of dairy, biscuits, sugar or oil mill, and redirected to its investment activities aimed at creating  stars in the Moroccaneconomy including, ICT and renewable energies,  through its operators Inwi  and Nareva.

SNI - ONA is still a force in the international growth sectors such as banking, (Attijariwafabank) and mining (Managem).