[Morocco] ADP Luxembourg dilutes shareholding in Mining Company of Touissit
ADP I Luxembourg has disposed off 89,000 shares of the Mining Company of Touissit (CMT) in the Casablanca stock exchange at a per unit price of $135, according to an announcement by the Moroccan Capital Market Authority.
“Following this transaction, ADP I Luxembourg owns 891 CMT shares, or 0.05 percent of the capital of the company,” the AMMC statement read. Prior to the transaction, the European firm owned 8.87 percent of the mining company.
OSEAD Maroc Mining (39.36 percent) and the Caisse Interprofessionnelle Marocaine de Retraites (CIMR) (12 percent) still own a majority stake of CMT.
ADP’s withdrawal caused CMT to lose 0.13 percent of its value on January 16th, after the January 4thannouncement of the mass sale caused a 2.03 percent loss.
In December, CMT announced 28 million euros worth of projects in the Meknes-Tafilalet region in the Middle Atlas mountains funded through a long-term loan from the European Bank for Reconstruction and Development (EBRD).
The funds are slated to be used for the construction of the Tighza mine for improvements in health, safety and environment management initiatives in order to increase the site’s overall productivity.
“Despite the overall decline in commodity prices, CMT’s results are extremely encouraging as the 2015 turnover increased by 9.6% to MAD $45 million,” Jean-Francois Fourt, the firm’s chairman states on the official company website. “I want to reassure the shareholders: by continuing efforts to control costs while developing the mining infrastructures, the CMT has very beautiful days ahead.”
