Morocco’s royal investment vehicle to sell its stake in Lesieur

RABAT: The National Investment Company (SNI), the investment vehicle of the Moroccan royal family, will sell its remaining 23.6% stake in cooking oil producer Lesieur Cristal in a public sale, a announced yesterday the stock market authority.
SNI, responding to the massive protests of recent years against the broad influence of the monarchy on the Moroccan economy, is selling some of its interests and focusing mainly on energy, mining and telecommunications.
He has already sold stakes in Morocco’s sole sugar supplier, Cosumar, the Centrale Laitière dairy and Morocco’s leading biscuit maker, Bimo.
SNI will sell 6.29 million shares at Dh93 ($11.37) each and at Dh83 each for SNI and Lesieur employees, financial market watchdog CDVM said in a statement.
SNI is expected to raise 580 million dirhams from the sale.
CVDM suspended trading in Lesieur Cristal on Friday pending the announcement, when the shares were at Dh103.
SNI has already sold an initial 41% stake in Lesieur to the French company Sofiprotéol, which remains the largest shareholder.
Other institutional investors share a 24% stake, while the free float will stand at 34% after the deal.
The offer will take place from May 26 to May 30, specifies the CDVM press release. Reuters

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