Kingdom Zephyr Exits Investment in Morocco’s Largest Auto Insurer
Kingdom Zephyr Africa Management Company ("Kingdom Zephyr"), the pan-African private equity firm, has exited its 11.65% stake in CNIA SAADA Assurance ("CNIA SAADA"), Morocco's largest auto insurer. The divestment comes as part of CNIA SAADA's Initial Public Offering ("IPO") on the Casablanca Stock Exchange.
Kingdom Zephyr made its USD 27.5 million investment in CNIA SAADA via its Pan-African Investment Partners/Pan-Commonwealth Africa Partners ("PAIP/PCAP") Funds, alongside co-investor the FMO, in 2006. Since then, CNIA SAADA's operations have grown significantly, helped by the successful merger of CNIA Assurance with Es Saada in 2009.
Commenting on the transaction, Kofi Bucknor, Kingdom Zephyr's Managing Partner, said: "Our partnership with CNIA SAADA has been very cordial, constructive and productive. We maintain the highest regard for the company and its management and feel that CNIA SAADA is well-positioned to build on this success after our exit."
"We are pleased to conclude such a successful investment in Morocco. This IPO is evidence of the tremendous potential we see across North Africa and is testimony to the strength of the Moroccan stock market."
Saad Aouad, Vice President at Kingdom Zephyr, added:
"KZAM is actively seeking partnerships with Moroccan companies which are eager to expand their businesses and also build relationships in other parts of Africa. This listing illustrates the significant opportunities that we see in Morocco. We are exploring opportunities in a variety of sectors such as agriculture, housing, manufacturing, consumer goods, financial services, pharmaceuticals, transport and logistics."
- Emerging Capital Partners Invests in Two North African Construction Companies
- Samer El Khalil Appointed New General Motors Middle East Communications and Public Relations Manager Dubai, United Arab Emirates
- MEMAC Ogilvy Announces the Appointment of Saada Hammad as Regional Public Relations Director for the MENA Region
- Yemen: 59 Shiite insurgents killed
- Arab Insurance Group Reports $15.6m Net Loss