(Ecofin Agency) - Compagnie de Transports au Maroc (CTM), a transport company 49.8% owned by Royale Marocaine d'Assurance (RMA), has started the process of taking over 100% stake in the capital of its competitor Satcoma-Satas Voyageurs, for an undisclosed amount.

CTM, which is listed on the Casablanca Stock Exchange, initiated this operation to strengthen its market shares in the road transport sector in Morocco. The deal is subject to approval by regulatory authorities.

Also active in the provision of tourist services, CTM achieved a turnover of about MAD657.2 million in 2018, up by 6.5% compared to the MAD616.8 million recorded in 2017. The company, established in 1919, has a fleet of more than 250 buses.

Chamberline Moko