Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

Saham Assurance Maroc plans anticipated refund of MAD800 million loan

Wednesday, 14 November 2018 14:25

(Ecofin Agency) - The administrative board of Saham Assurance Maroc, listed on Casablanca Stock Exchange, has decided to anticipate the refund of MAD800 million of debts which should normally be paid in two equal tranches, in 2022 and in 2023.

This loan was granted by the Moroccan Insurance Solidarity Fund to finance the recovery of  Es Saada Assurance, Saham Assurance Maroc informs.  

To finance this anticipated refund which should occur within three months, the company plans to sell some liquid assets from its free assets portion.

However, this will create a loss of the financial products expected from these assets. Following his own request, Moulay Hafid Elalamy, founder of Saham group and current Moroccan minister of industry, investment, trade, and digital economy,  will bear those losses. The origin of the funds used to refund the loan is not stated but the statement indicates that this decision was taken following the sale of Saham to the South African Sanlam.

Idriss Linge





 
Mining


 
Telecom


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.