CDG has sold all of its directly owned shares in CIH Bank but remains the bank’s majority shareholder through its subsidiary, Massira Capital Management. The public institution sold 1,815,738 shares in a block trade at MAD 354 ($39) per share, raising about MAD 643 million ($71 million).
The sale means CDG no longer owns any CIH Bank shares in its own name. It also brings its direct holding below the 5% threshold that requires regulatory disclosure.
CDG’s overall stake in the bank has not changed.
Through Massira Capital Management, CDG still owns 19,636,157 shares, equal to 55.15% of CIH Bank’s capital, giving it majority control.
In a filing to the Moroccan Capital Market Authority (AMMC), CDG said it does not plan to sell more shares over the next six months.
The institution also said it will keep its seat on CIH Bank’s board of directors.
The transaction is a change in how CDG holds its investment rather than a reduction in its ownership. Control of the bank remains with CDG through its investment subsidiary.
