Press release from the Competition Council regarding the economic concentration project concerning the joint takeover by the company ‘Crédit du Maroc SA’ of the company ‘Nema Capital SA’ alongside the company ‘Demay Group BV’

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 ‘summary of the operation’ 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:

• The acquirer: the company ‘Crédit du Maroc SA’;
• The historical shareholder: the company ‘Demay Group BV’;
• The target: the company ‘Nema Capital SA’.

Nature of the operation:

• Takeover

Economic sectors concerned:

• Real estate collective investment schemes sector.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. June 30, 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 joint takeover by the company ‘Crédit du Maroc SA’ of the company ‘Nema Capital SA’ alongside the company ‘Demay Group BV’, through the acquisition of 50% of its capital and related voting rights, by way of a capital increase.

‘Crédit du Maroc SA’ is a Moroccan joint stock company, a subsidiary of the Holmarcom group, listed on the Casablanca Stock Exchange, with its head office in Casablanca. It is a credit institution that caters to all customer segments: individuals, professionals, and businesses.

‘Demay Group BV’ is a Dutch limited liability company, headquartered in Amsterdam, Netherlands, engaged in real estate investment and asset management, real estate development, hospitality, and PropTech.

‘Nema Capital SA’ is a Moroccan joint stock company, headquartered in Casablanca, whose main activity is managing real estate collective investment schemes.

 

Done in Rabat on June 19, 2025.