The Moroccan Capital Market Authority (AMMC) has approved a mandatory takeover bid for the shares of EQDOM, a key player on the Casablanca Stock Exchange. This move, spearheaded by Saham Finances in partnership with Société Générale Marocaine de Banques (SGMB) and its subsidiary Investima, represents a significant turning point in EQDOM’s strategic repositioning in Morocco’s financial markets.
On December 3, 2024, Saham Finances acquired a controlling 57.67% stake in SGMB, which previously held 56.82% of EQDOM’s shares. This indirect takeover pushed Saham Finances past the regulatory threshold of 40% voting rights, triggering the requirement to launch a mandatory public offer (OPA) under Article 18 of Moroccan law No. 26-03.
Due to this restructuring, the AMMC temporarily suspended trading of EQDOM shares. Now, with the approval in place, trading is set to resume on February 11, 2025, marking the next phase of EQDOM’s market evolution.
The bid targets the remaining 364,112 outstanding EQDOM shares, representing 21.80% of the company’s capital. Saham Finances and its partners have offered a price of 1,045 dirhams per share, based on a valuation calculated through two methods:
- Weighted average share price over the past nine months, which stood at 1,145 MAD.
- Discounted future dividend flows, assessed at 944 MAD per share.
By balancing these figures, financial advisers arrived at the offer price of 1,045 MAD.
The bidding consortium—Saham Finances, SGMB, and Investima—has pledged to acquire all shares tendered in the offer with no conditions for withdrawal. However, key institutional investors, including the Retirement Collective Allocation Scheme (RCAR), Moroccan Interprofessional Retirement Fund (CIMR), and Central Reinsurance Company (SCR), have chosen not to participate.
Interestingly, Investima has declared its intention to fully divest its EQDOM holdings once the operation concludes.
The AMMC has confirmed that the offer adheres to legal standards of transparency and equitable shareholder treatment. Additionally, the Ministry of Economy and Finance has endorsed the plan, ensuring alignment with Morocco’s strategic financial interests.
The final timeline for the operation will soon be finalized by the Casablanca Stock Exchange. With this restructuring, EQDOM is poised to enter a new era of governance and financial strategy, backed by its principal stakeholders.
