(Ecofin Agency) - FinanceCom, the financial holding which is the head of groups like Bank Of Africa, acquired more shares in Balima that is listed on Casablanca stock exchange. According to a market announcement, the holding revealed that Argan Capital, its investment arm, has acquired 391,390 shares in the real estate firm.
At MAD96.45 each, the investment, which was made as a block trade, amounted to MAD36.74 million for a 22.4% participation within Balima. The transferor of that operation is Société Financière de Crédit du Maghreb (SFCM), a release published on December 31, 2018, by the Moroccan stock market authority stated.
No reason has been provided for this sale and, even though the purchase price represents a MAD5.45 premium compared to the current value of Balima’s share, it is not clear whether SFCM realised a high profit. Between 2014 and the end of 2018, the share lost 40% of its value.
FinanceCom thus becomes an important shareholder of the real estate company Balima. Argan Capital is, by that acquisition, joining another branch of FinanceCom, RMA Watanya, the capital of the real estate company.