Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company ‘Alphavest Investment Management SAS’ and the company ‘Best Financière SA’ alongside the company ‘Valoris Group SA’ of joint control of the company ‘Valoris Management SA’

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘operation summary’ below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• Acquirer of control No.1: the company ‘Alphavest Investment Management SAS’;
• Acquirer of control No.2: the company ‘Best Financière SA’;
• Historical Shareholder: the company ‘Valoris Group SA’;
• The Target: the company ‘Valoris Management SA’.

Nature of the operation

• Takeover

Economic sectors concerned

• Collective investment scheme sector in securities.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. October 13, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation consisting of the acquisition by the company ‘Alphavest Investment Management SAS’ and the company ‘Best Financière SA’ alongside the company ‘Valoris Group SA’ of joint control of the company ‘Valoris Management SA’, through the acquisition, respectively, of 25% and 10% of its share capital and related voting rights.

‘Alphavest Investment Management SAS’ is a Moroccan simplified joint-stock company, headquartered in Rabat. Its main activity is the investment and management of securities for its own account.

‘Best Financière SA’ is a Moroccan public limited company, headquartered in Rabat. Its main purpose is the investment and management of stakes in the distribution, medical equipment, financial services, real estate, and media sectors.

‘Valoris Group SA’ is a Moroccan public limited company, headquartered in Casablanca. It is an investment fund management company.

‘Valoris Management SA’ is a Moroccan public limited company, a subsidiary of the company ‘Valoris Group SA’, headquartered in Casablanca. It is also active in investment fund management.

 

Done in Rabat, on October 2, 2025