23 Mar 2010 16:31
Reinforcement of the Strategic Partnership between
FinanceCom and CDG
The CDG Group has joined the shareholding of BMCE Bank through the acquisition of an equity stake of about 8%
On March 21, 2010, the CDG Group has completed the acquisition of nearly 12.7 million treasury shares of BMCE Bank at a unit price of 267 MAD, which accounts for an equity stake of about 8%. This strategic investment is worth more than 3.4 billion MAD.
CDG and FinanceCom have also concluded today another transaction through the acquisition by RMA Watanya, the insurance company of FinanceCom Group, of 8% in CGI, a subsidiary of the CDG Group, the equivalent of 1.4 million shares. The deal was priced at 1 937 MAD per share, that is a total of nearly 3 billion MAD (2.8 billion MAD).
This strategic transaction is not the first of its kind between the two parties. Last January, they took part in a major investment in the Telecom industry valued at more than 800 Million Euros. For the first time there was a joint acquisition of the entire capital of Meditelecom by Moroccan investors financed under a public/private partnership.
Through these emblematic investments, FinanceCom and CDG, partners in several other projects, particularly in tourism and real estate, reiterate their full trust in the present and the future of the invested companies and their joint commitment to contribute more significantly to the acceleration of growth and to the economic and social development of the Kingdom.
About FinanceCom. - A regional leader Group resolutely turned to international activities, FinanceCom acts in a variety of high growth potential sectors joining together banking, insurance, IT, media, telecoms and services
About RMA Watanya. - Subsidiary of the FinanceCom Group, RMA Watanya is among the leading insurance companies in Morocco with a market share of more than 20%.
About CDG. - First institutional investor in Morocco and a major player in the national economy, the CDG Group is a state owned financial institution whose business revolves mainly around retirement and pension funds management, financial and insurance activities, real estate and urban development and planning
About CGI. -Subsidiary of the CDG Group, CGI is a national leader in the real estate development market
Contact information of the Investor Relations of BMCE Bank
Tel: +212-522-498-003/15
Email: communicationfinanciere@bmcebank.co.ma
BMED.L (BMED)