Société Générale France (SG), the majority shareholder of Société Générale Morocco, broke its silence regarding a rumored takeover by Saham Group, led by Moulay Hafid Elalamy, stating it “doesn’t comment on market rumors.”
The French parent company declined to confirm or deny circulating rumors of a new deal with Saham Investment Group, according to some clarifications Hespress Ar received from SG France’s communication officer.
The company described these claims as a “market rumor” and said it is not obliged to engage with them.
Highly informed sources noted that SG France has chosen not to comment on the circulating news of the said deal to avoid affecting the course of negotiations with Saham Holding.
They explained that both parties are required to take further steps before announcing the signing of the sale agreement, including notifying the Competition Council of the deal and requesting a license from Bank Al-Maghrib.
The same sources highlighted that the acquisition of SG Maroc by a Moroccan investor is seen as strategically crucial for Morocco’s financial sector, aimed at expanding the Kingdom’s presence in the banking market and boosting foreign reserves amidst economic uncertainty and inflation.
According to the details of the new financial transaction, SG France will sell 57% of its stake in SG Maroc to Saham Investment Group for a total of 8 billion dirhams.
The Moroccan investor will pay half the amount directly, with the remaining amount to be financed through bank financing, as per a prior agreement between the two parties.
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