Morocco’s Capital Market Authority (AMMC) said state-owned investment fund Caisse de Dépôt et de Gestion (CDG) has sold its remaining direct stake in CIH Bank after offloading 1.82 million shares in a block trade.
The shares were sold on July 14 at 354 dirhams ($39.2) each, reducing CDG’s direct holding below the 5% disclosure threshold, the regulator said.
Following the transaction, CDG said it no longer holds any CIH Bank shares directly. However, it retains an indirect stake of 19.64 million shares, representing 55.15% of the bank’s capital, through its subsidiary Massira Capital Management.
CDG also told the regulator it does not intend to sell additional CIH Bank shares over the next six months and will continue to hold its seat on the bank’s board of directors.
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