The “Cosumar” Group announced that it sold its entire shareholding in “Durrat Advanced Development Company” to “Wilmar Sugar PTE LTD” for $65 million.
A statement from the group, published on the website of the Moroccan Capital Market Authority, indicated that COSUMAR sold its entire shareholding in “Dora” Company, which represents 43.275 percent of the company’s capital and voting rights to Wilmar Sugar PTE LTD, at the price equivalent in dirhams to 242 million and 800 thousand Saudi riyals.
This is equivalent to about $65 million, compared to an initial contribution of about $45 million, following the lifting of all outstanding conditions to which the aforementioned sale was subject.
The same source added that this process has a strategic nature in that it aims to strengthen the development strategy in Morocco, in order to increase the added value at the national level, as well as repositioning COSUMAR at the international level.
He considered that COSUMAR’s initial investment in “Dora” made it possible, in addition to its economic importance, to demonstrate the group’s ability to complete major industrial projects of the “Green Field” type at the international level.