STOA, a subsidiary of the French deposit and consignment fund CDC, announced a MAD330 million ($32.9 million) transaction on Tuesday (May 9) to buy a minority stake in the capital of storage company Building Logistics Services (BLS).
According to Moroccan media sources, STOA would buy a 20% stake in the logistics and warehousing services provider, which is owned by Moroccan investment holding company H&S Invest Holding.
“We are delighted to open our capital to STOA and to strengthen BLS’s financial capacity to carry out an ambitious development plan.” “We intend to strengthen our position as the market leader in logistics in Morocco,” stated Moncef Belkhayat (picture), CEO of H&S Invest Holding.
STOA’s bid to acquire shares in BLS is still subject to regulatory and shareholder approval. This process could be completed by June 2023. Successful completion will mark the eighth stake-selling operation completed by H&S Invest Holding with an international financial institution.
In 2020, Building Logistics Services posted a MAD48 million turnover.