2023-06-09 08:38:02
PRESS RELEASE
Distra, a company of the Mutandis Group, signs a Share Transfer Agreement for the acquisition of all the shares of Euro Africaine des Eaux (EAE) (Société des Boissons du Maroc (SBM) group)
Casablanca, June 8, 2023
Mutandis, a company listed on the Casablanca Stock Exchange,
wishes to announce, in accordance with the provisions of Article 15 of Law No. 44-12 relating to public offerings and the information required from legal persons and organizations making public offerings, that its subsidiary Distra concluded with Société des Boissons du Maroc (the
-
Seller”), on June 8, 2023, a Share Transfer Agreement (the “EAE Transfer Agreement”) defining the terms and conditions of the transfer by SBM of all the shares of the company EAE (the “Transaction” ), at a price of 380 million dirhams.
The signing of the EAE Assignment Agreement follows the binding offer letter sent to the Seller on December 7, 2022 and which was the subject of a press release dated December 9, 2022.
As a reminder, the EAE company owns the brand of mineral water “Ain Ifrane”, well known to Moroccan consumers and appreciated and renowned for the excellence of its spring water.
The acquired water business generated annual revenue of around MAD 240 million for the 2022 financial year and a net current result of around MAD 25 million. The arrival of Ain Ifrane within the Mutandis Group would make it possible to create a drinks division with more than 350 million dirhams in turnover, and to benefit from strong operational synergies between the different ranges, particularly in terms of distribution.
The completion of the Transaction is not immediate and remains subject to the satisfaction of several conditions precedent detailed in the EAE Transfer Agreement, including in particular (i) obtaining the required regulatory authorizations (such as the authorization of the Moroccan competition) and (ii) the prior sale by SBM to EAE of the “mineral water” distribution activity.
The parties aim to complete the Transaction during the month of July 2023.
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Disclaimer
Mutandis SCA published this content on 08 June 2023 and is solely responsible for the information contained therein. Distributed by Publicunedited and unaltered, on 09 June 2023 08:37:04 UTC.
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