SNI SNI.CS, a holding company controlled by Morocco's royal family, bought a 32.9 percent stake in Somed, an investment company specialized in tourism, property, metals and food production, SNI said on Friday.
Societe Nationale d'Investissement (SNI) paid 1.24 billion dirhams ($161.9 million) to buy Moroccan institutional shareholders out of Somed and purchase some of the shares held by the Abu Dhabi Fund for Development, SNI said in a statement.
The Abu Dhabi fund's stake, formerly 50 percent according to Somed's Web site, falls to 33.9 percent under the deal while the Moroccan state's holding of 33.25 percent remains unchanged.
Somed was established by Morocco and the United Arab Emirates in 1982 to support large-scale projects in the north African country and draw foreign expertise and capital.
SNI's acquirement is "an opportunity to put its financial resources to work in a sector that is vital to the Moroccan economy - tourism", the company said.
The move also allows SNI to simplify its holdings and concentrate on four main investments - Somed, conglomerate ONA ONA.CS, cement firm Lafarge Maroc LAC.CS and steelmaker Sonasid SOND.CS.
SNI was advised by Attijari Finances Corp for the deal.
Its shares, which have gained 20 per cent since the start of the year, were suspended from trading in Casablanca on Friday.
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