The SGTM Group, a leading player in Morocco’s construction and public works (BTP) sector, has acquired the remaining 25% stake in the Novacim cement plant, formerly known as Tekcim, from the ARIF investment fund. With this move, SGTM now holds full ownership of Novacim, reinforcing its presence in the Moroccan cement market.
This buyout concludes ARIF’s involvement in Novacim, an investment it made in 2019 during the greenfield phase of the project. Managed by Infra Invest, a subsidiary of RMA Capital, ARIF’s exit comes just four years after its initial investment, with the cement plant having produced its first ton of cement in December 2022. Despite the short tenure, ARIF has realized a substantial 60% profit on its initial 200 million dirham investment.
Novacim, located in Sidi Ghanem, south of El Jadida, required a total investment of 2.6 billion dirhams, with over 1.7 billion dirhams financed through a long-term loan from a consortium of banks, including the African Development Bank (BAD), BMCE Bank of Africa, Banque Centrale Populaire, and Société Générale Maroc. ARIF’s decision to sell its stake aligns with its liquidation strategy planned for 2025, marking the end of the fund’s fifteen-year lifecycle. Before its final dissolution, ARIF expects to divest one more asset—a solar farm in sub-Saharan Africa—in the coming months.
With an annual production capacity of 1.4 million tons of cement, Novacim plays a crucial role in meeting the growing demand for construction materials in Morocco. SGTM’s full acquisition of Novacim not only strengthens its competitive position in the cement industry but also reinforces its standing as a key player in the country’s booming construction and infrastructure sectors.
The integration of Novacim’s assets into SGTM’s operations is expected to create synergies, boost productivity, and enhance the group’s ability to supply high-quality construction materials, driving further growth and success in Morocco’s construction market.
