(Ecofin Agency) – Turkish food retailer BIM plans to open 35 % of its subsidiary in Morocco to the private equity firm, Blue Investment Holdings. The outcome of this case will be known at the end of the discussions between the two parties.
BIM, a Turkish food distribution company, is in talks with Blue Investment Holdings in connection with the sale of 35% of shares in its Moroccan subsidiary BIM Stores Morocco, we learned from media sources.
The amount of the transaction would be around $ 70 million with a price adjustment that could vary between $ 7 and $ 12 million. This proposed sale comes two months after the Turkish group’s decision to value its assets in Morocco and Egypt with the option of forming partnerships with local or foreign investors.
BIM closed stores at the start of the year after an injection from the Moroccan Minister of Commerce about the lack of Moroccan products in its stores. The outcome of this takeover proposal will be known after discussions between the two parties.