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