Sources at the Casablanca stock exchange have recently revealed that the Arab Reinsurance Group, ARIG, had sold out its 44.3 million dirhams ($4.3 million) worth of stakes in the Morocco Cement Company. According to an article appearing in Al-Hayat newspaper, this action was conducted through the company’s local branch, the CNIA Insurance Company.
ARIG officials did not disclose the reasoning behind this withdrawal from the local construction sector, however, some market sources related this move to the recent oil and gas discoveries in Morocco.
These newly revealed resources have stimulated the local securities, which encouraged ARIG to relocate its investment portfolio and take advantage of the recovery in the Moroccan share prices. –(Albawaba-MEBG)