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Morocco’s CNIA SAADA to enter Casablanca stock market in the fall
According to several Moroccan newspapers, insurance company CNIA SAADA owned by Tycoon Moulay Hafid Elalamy will float 15% of its shares into the Moroccan stock exchange next fall. This operation is considered by market analysts as a step towards a complete re-organization of the holding “Saham”, owned by Elalamy, which will abandon its retails brands such as Bigdil,
Bossini andVia Seta through an LBO reserved to its employees. Elalamy, perceived by many as one of the most ambitious raiders in the Kingdom’s economy, was head of the CGEM (Confederation General des Enterprises du Maroc, Morocco’s BMO) until last spring.
According to experts, Elalamy would like to reshape Saham’s participations to make them more relevant with “new subjects”, such as sustainable growth and pharma-tech. Moulay Hafid Elalamy is keen to show that he has “matured” and is willing to invest in new economy sectors through partnership with Spanish firm T-solar, or pharmaceutical giant GlaxoSmith Kline (GSK).
This new orientation is seen by many as a way of anticipating market changes and trying to keep up with Morocco’s ambitious national investment plans led by Moroccan King Mohammed VI. Elalamy, who also owns recently created economic newspaper “Les Echos” has been “camera shy” since he left the CGEM though he participated in the Davos Forum and many other international seminars, in order to create his own think-tank in Morocco, through a partnership with an international recognized institution.
The Marrakech-born entrepreneur is said to have brand new ambitions with regards to his contribution to the economic debate in Morocco.