The Moroccan Therapeutic Company, Sothema, has announced the signing of a contract to sell its entire 51% stake in its subsidiary Azerys for 35 million dirhams (MDH).
“In accordance with the provisions of Article 15 of Law No. 44-12 related to public offerings and the information required of legal entities and organizations making public offerings, Sothema announces the signing of a contract on May 17, 2024, to sell all its shares (51%) in its subsidiary Azerys,” the company stated in a press release. The contract outlines the terms and conditions of the sale, estimated at 35 MDH.
This transaction will help reduce Sothema’s debt levels. However, the capital gain from this sale is not expected to have a significant impact on the consolidated net profit, according to the same source.
The completion of the transaction is not immediate and remains subject to several suspensive conditions detailed in the contract, including obtaining the necessary regulatory approvals, such as authorization from the Moroccan Competition Council.
The transaction is expected to be finalized in June 2024, the statement concluded.
It is worth noting that in the first quarter of 2024, Sothema reported a 10% increase in revenue, reaching 656 million dirhams. By the end of March 2024, Sothema had invested 83 million dirhams compared to 13 million dirhams during the same period the previous year. These investments were directed towards various projects aimed at enhancing its industrial and technological capacities.
The consolidated net debt reached 506 million dirhams at the end of the first quarter of 2024, compared to 448 million dirhams at the end of December 2023, marking an increase of 58 million dirhams. The gearing ratio stood at 32% at the end of the first quarter of 2024, up from 30% at the end of the fourth quarter of 2023.
