Mohammed Fikrat leaves the Cosumar group, a new governance adopted

Mohammed Fikrat is leaving the Cosumar group, which he has headed since 2005. Amine Louali is appointed new CEO and Hicham Belmrah takes over the chairmanship of the Board of Directors.

Lhe COSUMAR Board of Directors met on October 15, 2021 under the chairmanship of Mr. Mohammed Fikrat to adopt the change in governance separating the functions of Chairman from those of Chief Executive Officer.

After taking note of Mr Mohammed Fikrat’s desire to end his terms of office as director and Chairman and CEO of COSUMAR in order to pursue other activities outside the COSUMAR Group, the Board decided to opt for a mode of governance separating Chairman of the Board and General Management.

As such, the Board appointed Mr. Amine Louali as Chief Executive Officer. Before joining the COSUMAR Group in September 2020 as Deputy Managing Director, Mr. Amine Louali accumulated 19 years of experience during which he held several positions of responsibility, notably at Lafarge Holcim, at the OCP Group, at Maghreb Steel and to the SINAM Group. His career is characterized by the management of major transformation projects in the companies where he has operated.

Amine Louali is a graduate of Ecole Polytechnique, Télécom Paris and holds an Executive MBA from the Massachusetts Institute of Technology.

The Board appointed Mr. Hicham Belmrah, Chairman and CEO of the MAMDA-MCMA Group, as Chairman of the Board of Directors of COSUMAR.

The Board of Directors has also decided to convene a combined General Meeting within the statutory deadlines.

The Board of Directors congratulated and warmly thanked Mr Mohammed Fikrat for the achievements and developments made since 2005.

COSUMAR has thus developed and consolidated its role as a national and regional benchmark group in the agrifood sector, thanks in particular to the following strengths:

> Successful integration and modernization of the former public sugar factories acquired in 2005;

> Consolidation of the role of model aggregator of 80,000 sugar beet and sugar cane farmers in the five sugar regions, which has made it possible to modernize and improve farmers’ incomes thanks to better agronomic performance;
> Improving the capacities and competitiveness of the Casablanca refinery and the seven sugar factories;

> Export of refined sugar, under the temporary admission regime and outside the compensation system, since 2016 thanks to the expertise of the COSUMAR teams and its industrial shareholder Wilmar;

> Construction and start-up of a new competitive sugar refinery in Yanbu in Saudi Arabia and of a sugar conditioning unit in Guinea Conakry;

> Launch of a Wilmar / COSUMAR partnership for the construction of a special vegetable fats unit in Casablanca to fill the national food industry’s deficit in special vegetable fats and to export to the region;

Mr Fikrat then thanked all the members of the Board for their guidance and involvement in COSUMAR projects. He also thanked the public and private stakeholders of the COSUMAR Group ecosystem for their trust and support. Finally, he paid tribute to the teams and members of the COSUMAR family: Mr Amine Louali, formerly Deputy Managing Director, the employees of the Group as well as the social partners for their commitment and mobilization for the success of the projects and sites of the COSUMAR Group. .

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