Spanish firm Alucoil which specializes in transforming and manufacturing aluminum-made materials for the construction, transport and industry sectors has increased its stake in Casablanca-listed Aluminium du Maroc.

Accordin to a statement published on the market’s website on Jan. 17, 2017, it is said that Alucoil SAU has, in a block transaction, acquired, for an undisclosed amount, 20,160 additional shares in Aluminium du Maroc. The firm thus has a total of 34,115 shares or 7.32% in the Moroccan firm.

With an average share price of 1,100 dirham the transaction is valued at around 22.17 million dirham minimum, making $2.18 million.

For the six months period ended on June 30, 2016, Aluminium du Maroc reported an actual net income of 30.4 million dirham, with a well-filled order book. During that period, the firm said it had to report a net income of -8.6 million dirham.

Idriss Linge