Press release from the Competition Council regarding the economic concentration project concerning the exclusive takeover by “Cap Holding SA” of the company “Forafric Maroc 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 adopted 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 adopted 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: “Cap Holding SA”;
• The target: “Forafric Maroc SA”.

Nature of the operation

• Exclusive takeover.

Economic sectors concerned

• Manufacture and marketing of wheat flour,
• Manufacture and marketing of couscous and pasta;
• Trading in agricultural raw materials for the human and animal nutrition industry;
• Grain storage.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., March 16, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received a notification of a concentration project consisting of the exclusive takeover by the company “CAP Holding SA” of the company “Forafric Maroc SA”, through the acquisition of 68% of its share capital and voting rights.

“Cap Holding SA” is a Moroccan joint-stock company with a capital of 3,320,000 dirhams, headquartered in Casablanca, 8, Rue Abderazak, Résidence Plein Ciel, 2nd Floor, and registered with the Casablanca Trade Register under No. 96,807. “Cap Holding SA” is a Moroccan industrial and investment group operating in the cereal sectors, active in industrial milling and grain trading.

“Forafric Maroc SA” is a Moroccan joint-stock company with a capital of 1,150,000,000 dirhams, headquartered in Casablanca, Espace Porte D’Anfa, Rue Bab Mansour, 3rd floor, registered with the Casablanca Trade Register under No. 323197, and ultimately controlled by the company “Forafric Agro Industries Limited” (Forafric Agro). “Forafric Agro” and “Forafric Maroc SA” are part of an industrial group in the milling sector in Morocco, specializing in wheat processing and the production of flours, semolinas, pastas, and couscous.

 

Done in Rabat on March 5, 2026