(Ecofin Agency) - The subsidiary of Moroccan investment holding H&S Invest Holding will open its capital to the French investor STOA, engaged in infrastructure projects in Africa. The transaction is expected to be finalized by the end of June 2023.
STOA, a subsidiary of French deposit and consignment fund CDC, announced Tuesday (May 9) a MAD330 million ($32.9 million) operation to acquire a minority shareholding in the capital of warehousing company Building Logistics Services (BLS).
According to Moroccan media reports, STOA is expected to acquire a 20% stake in the logistics and warehousing services provider, which is controlled by Moroccan investment holding company H&S Invest Holding.
"We are very pleased to open our capital to STOA and to strengthen the financial capacities of BLS to implement an ambitious development plan. We are going to consolidate our leading position in logistics in Morocco," said Moncef Belkhayat (photo), CEO of H&S Invest Holding.
STOA's proposal to acquire shares in BLS still needs the approval of regulatory and competition authorities. This process could be completed by June 2023. Successful completion will mark the eighth stake-selling operation completed by H&S Invest Holding with an international financial institution.
In 2020, Building Logistics Services posted a MAD48 million turnover.