The Casablanca-Settat Regional Multiservices Company (SRM) officially became the primary shareholder of Lydec, the utility firm responsible for water and electricity distribution in Casablanca, on Wednesday.
According to an official statement released by Lydec on Thursday, Veolia Group completed the sale of its entire stake in Lydec to SRM on September 4, 2024. The announcement was posted on the website of the Moroccan Capital Market Authority (AMMC). Following this acquisition, shareholders gathered for an Ordinary General Meeting to acknowledge the resignation of the previous board members and elect new ones to form the company’s revamped Board of Directors.
In a notable development, Youssef Ettazi has been appointed as the new Chairman of the Board of Lydec, with his tenure commencing on September 4, 2024, according to the same statement.
