Sanlam Maroc’s ownership structure has changed after its merger with Allianz Maroc, according to three filings by the Moroccan Capital Market Authority (AMMC). The changes follow a capital increase carried out as part of the merger, which led to the issue of new shares and reshaped the insurer’s shareholder structure.
Sanlam Pan Africa Maroc remains the biggest shareholder, but its stake has fallen below the regulatory threshold of two-thirds of the company’s capital because of dilution from the newly issued shares.
The company now owns 3,523,465 shares, equal to 65.96% of Sanlam Maroc’s capital.
Allianz Africa Financial Services has become a new key shareholder after crossing the 5% threshold. It now holds 368,810 shares, or 6.90% of the capital.
Sanlam Emerging Markets Ireland Limited also increased its direct stake, crossing both the 5% and 10% thresholds. It now owns 842,585 shares, representing 15.77% of the company.
The company also controls the shares held by Sanlam Pan Africa Maroc and Allianz Africa Financial Services. Together, those holdings give it direct and indirect control of 4,734,860 shares, or 88.63% of Sanlam Maroc’s capital.
The three companies told the regulator they are acting in concert, as required under Moroccan stock market rules.
The filings show that while the merger changed how shares are split between Sanlam and Allianz entities, it did not change who controls the group.
The threshold disclosures are a standard regulatory step after a merger. They give investors an updated picture of the ownership of the combined company.
