Bank of Africa Sells 51% Stake in Africa Morocco Links to CTM
The Bank of Africa (BOA) has sold its 51% stake in Africa Morocco Links (AML) to the Moroccan Transportation Company (CTM), according to several sources. This sale, initiated in April, was finalized on June 12, 2024.
CTM, a transportation company operating since 1919, paid 307 million dirhams (approximately 30.7 million USD) for this acquisition. To finance this purchase, CTM issued 300 million dirhams in private placement bonds.
CTM aims to diversify and grow by integrating maritime transportation into its passenger and goods transportation activities through the acquisition of AML.
On the other hand, BOA is refocusing on its banking and financial activities. This sale is part of its Vision 2030 strategy, aiming for more effective management of its participations.
Both CTM and BOA are owned by O Capital Group, controlled by Othman Benjelloun. This transaction is an internal reorganization of the group, entrusting CTM with the management of passenger and goods transportation.