The Saudi media, which cites well-informed sources, explained that interested investors, whose identity is not revealed, have submitted offers ranging in value from 1.8 to 2.8 billion dollars. Amounts that exceed the minimum sale threshold, which started at $800 million.
Contacted by “L’Opinion”, a source within the SAMIR Safeguard Front confirmed the existence of these offers. “So far, the court has received more than 15 letters of intent to purchase SAMIR assets,” agreed our interlocutor who did not hide his optimism regarding the outcome of the procedure.
The Commercial Court of Casablanca, it should be remembered, announced on January 31 the opening of the judicial sale of the assets of SAMIR. The Trustee appointed for the judicial liquidation has given interested investors a period of 30 days to present their offers.
According to studies by the Refinery Safeguard Front, the assets are estimated at 21 billion dirhams. The restart of the refining activity can be done in 8 months with an estimated cost of 220 million dollars, according to the same source. The cost includes employee rights, rehabilitation of facilities, etc.
SAMIR has been in compulsory liquidation since 2016. Since then, the Commercial Court of Casablanca has had difficulty finding a new buyer for the Refinery, even though it has called on an investment bank. The State remains the main creditor of the company with an 80% share of the accumulated debts.