In a groundbreaking transaction on the Moroccan block market, the Moroccan Capital Market Authority (AMMC) has announced a major shift in the ownership structure of the Compagnie de Transports au Maroc (CTM). On December 19, 2024, Sidi El Mokhtar El Joumani and Sidi Salah El Joumani sold 283,186 and 70,000 shares of CTM respectively, to prominent businessman Othman Benjelloun at a price of 800 dirhams per share. This significant move reshapes the governance landscape of one of Morocco’s leading transport companies.
Sidi El Mokhtar El Joumani, a long-standing key shareholder in CTM, has seen his ownership stake diminish over time, eventually falling below the critical thresholds of 20%, 10%, and 5%. With this latest sale, he has officially exited the company, marking the end of his direct involvement in its operations.
Similarly, Sidi Salah El Joumani followed suit, offloading his entire holding of 70,000 shares. This transaction reduced his stake below the 5% disclosure threshold, aligning with AMMC’s transparency regulations.
The Joumani family confirmed their joint action in this sale, indicating a collaborative approach involving another family member, Sidi Mohamed El Joumani. This collective decision suggests a strategic realignment, with the family potentially focusing on new priorities or ventures beyond CTM.
The buyer, Othman Benjelloun, a towering figure in Morocco’s economic landscape, is no stranger to bold investments. This acquisition is likely part of a broader vision to bolster CTM’s role as a key player in the nation’s transport sector. With a reputation for strategic foresight, Benjelloun’s entry signals a new chapter for the company, one that could bring innovation and renewed dynamism to its operations.
This monumental shift in shareholding raises intriguing questions about CTM’s future direction. The company’s governance and operational strategies may undergo significant changes as it adapts to this new leadership. Amidst a transport sector grappling with modernization and efficiency challenges, CTM’s evolution will be closely monitored by stakeholders.
The AMMC remains vigilant, ensuring transparency and safeguarding the interests of market participants during such pivotal moments.
As CTM transitions into this new phase, its trajectory under Othman Benjelloun’s stewardship promises to shape the transport sector in Morocco, making this development one to watch.
