The Moroccan government ceded on Monday its shares in the capital of four sugar companies to the Moroccan sugar group COSUMAR. The deal amounted to For MAD 1.367b (some US$ 152 million).
Morocco's Finance Minister, Fathallah Oualalou told MAP that several international groups expressed interests in this sector, but COSUMAR offered the highest bid both in terms of the price and in terms of industrial and agricultural projects.
The group intends to invest MD 1.6 billion (US$ 156 milloin) in the next six years.
This deal marked the completion of privatization of the Moroccan sugar industry. This process started in 1990.
The sugar industry in Morocco produces about 500,000 tons of sugar per year, i.e., 50% of national demand.