MOROCCO – AP Møller Capital, a Danish fund management company, has completed the acquisition of 49 per cent shareholding of Holding Marocaine Commerciale et Financiere in the Moroccan Mass Céréales al Maghreb, which offers warehousing and logistical infrastructure for trading in agricultural raw materials.
According to AP Møller Capital, which is a subsidiary of the family-controlled Maersk Fund’s investment company, AP Møller Holding, the investment is between US$49.97 million and US$150.07 million.
Mass Céréales al Maghreb has for more than a decade been responsible for the handling and storage of grain and crops at the ports of Casablanca and Jorf Lasfar, wrote AP Møller Capital in a press release.
“Today, Mass Céréales al Maghreb handles more than half of all grain imported into Morocco, and the ambition is to expand and become an important company in logistics handling of crops in several countries in Africa,” said Kim Fejfer Associate Director at AP Moller Capital.
“We are pleased to be able to support this ambition, which also fits well with our overall aim of combining attractive investment with job creation and positive societal impact in Africa.”Kim Fejfer – Associate Director, AP Moller Capital
“We are pleased to be able to support this ambition, which also fits well with our overall aim of combining attractive investment with job creation and positive societal impact in Africa.”
Although the corona crisis has caused global freight volumes to fall over the year, rising freight rates have meant that Maersk and its competitors have succeeded in bringing home surprisingly large gains.
The Moroccan holding company, which is a large industrial group in Morocco within everything from banks to agriculture, is satisfied with having Danish AP Møller Capital involved in the Moroccan project.
“We are pleased to welcome AP Møller Capital as an investor. We share values with AP Møller Capital as well as a vision to support Mass Céréales al Maghrebindsats in becoming a leader in grain logistics in Africa,” said Mohamed Hassan Bensalah, Chairman of the Board of Holding Marocaine Commerciale et Financiere.
Holding Marocaine Commerciale et Financiere, a Moroccan company, will retain the remaining 51 per cent.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE