Mohsine Sefrioui has just crossed upwards the thresholds of participation of 50% and 66.66% in the capital of the Moroccan specialist in the manufacture of paper. The CEO of Med Paper now holds 67.6% of the company’s capital.
Mohsine Sefrioui is continuing to purchase Med Paper (formerly Papelera de Tetuan). The Moroccan Capital Market Authority (AMMC), has, in fact, announcement that within the framework of the capital increase operation of Med Paper by incorporation of the current accounts of partners for the benefit of Mohsine Sefrioui for an amount of 51 million DH (by issuing 2,201,268 shares), the latter has declared having crossed directly upwards the thresholds of participation of 50% and 66.66% in the capital of Med Paper. Following this operation, the CEO of the Moroccan paper manufacturer declares that he holds 67.6% of the capital of Med Paper post capital increase (compared to 39.89% before this operation), noting “to act in concert with Aliken and the other members of the Sefrioui family, shareholders of Med Paper”.
It must be said that Med Paper is first and foremost a family business since CDG Development sold its shares in 2017 to Anas Sefrioui, CEO of the Addoha Group before Mohsine Sefrioui, who is none other than the latter’s brother, buys in February 2019 on the block market nearly 32% of the capital of the company, which belonged to the real estate development company Aliken, whose CEO is Malik Sefrioui, the son of the boss of Addoha. This operation enabled the current CEO of Med Paper to increase his stake from 19.12% to 50.64%. But a month later, the latter will in turn sell 10.75% of the capital of Med Paper on the block market for the benefit of the company Aliken to hold only 39.89% of the capital of the said company before this recent operation where it goes up to 67.6%.
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Today, everything indicates that the paper manufacturer is emerging from the crisis. To September 2022, Med Paper’s turnover rose by 87% to 99 million dirhams, compared to the same period last year, thanks to the recovery in economic activity. In the third quarter alone, turnover rose by 75% to approximately 35 million dirhams. The investments made during these first nine months of the year of the order of 5 million DH are intended for the development of the industrial tool. Indebtedness remained stable compared to the same period last year thanks to financial optimization efforts. Despite a difficult inflationary context of sharp increase in the prices of inputs and energy, Med Paper succeeded in reviving its activity. Management says it remains confident about the opportunities presented by the Moroccan market with the entry into force of the law on national preference.