2023-07-30 19:54:10
Moroccan institutional investors, shareholders of COSUMAR, as well as the Wilmar group have recently concluded a major agreement. On July 28, the two parties agreed to sell the Wilmar group’s entire stake in COSUMAR, representing a 30.05% stake in the company’s capital.
In an official press release, COSUMAR provided details on this agreement, revealing that it also involves the sale of all of its stakes in the Durrah and Wilmaco companies for the benefit of the Wilmar group. However, the specific details of this sale will be submitted to the COSUMAR authorities for approval.
This historic decision marks the culmination of ten years of a fruitful strategic and commercial partnership between COSUMAR and the Wilmar group, as highlighted by the same source.
Furthermore, it is interesting to note that the entry of an international sugar operator as a minority shareholder is envisaged. This additional stake will be made simultaneously with the aforementioned transaction, at the same sale price.
To be more specific, COSUMAR indicated that this transaction will be carried out on the basis of a price of 210 dirhams per share. The closing of the transaction is expected no later than the fourth quarter of 2023, once the conditions precedent have been lifted, in particular obtaining the usual regulatory authorizations, which also include the approval of the Competition Council. .
Furthermore, it is important to underline that no change in the governance of COSUMAR is planned until the complete completion of the transaction, as confirmed by the same source.
The COSUMAR group, for its part, affirmed its desire to pursue its development strategy in the sugar sector, thus contributing to the food sovereignty of the Kingdom and committing to diversifying its activities both nationally and internationally. A perspective that promises a promising future for the Moroccan company.
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