Competition Council communiqué concerning the proposed economic concentration involving the acquisition by the companies « Bloom Capital SARLAU », « HK Participations SARLAU » and « SOPAFI SA » of indirect joint control of the company « Manufacture Nationale pour la Réfrigération et l’Électronique SA », through the acquisition, in two stages, of 91,20% of its share capital and the associated voting rights, through the company « KAPSET Industries 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 transaction » below, containing the information provided by the parties.

This information was prepared by the notifying parties, who are solely responsible for it. Any inaccurate or distorted information contained therein does not in any way prejudge the position of the Competition Council on the proposed transaction.

The publication of this communiqué 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 direct acquirer: the company « KAPSET Industries SA »;
• The indirect acquirer: the company « Bloom Capital SARLAU », the company « HK Participations SARLAU » and the company « SOPAFI SA »;
• The target: the company « Manufacture Nationale pour la Réfrigération et l’Électronique SA ».

Nature of the transaction

• Acquisition of joint control.

Economic sectors concerned

• Manufacture of refrigerators and freezers and marketing of household appliances.

Deadline within which interested third parties are invited to submit their observations

• 10 days from the date of publication of this communiqué, namely 23 novembre 2026.

NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION PROVIDED BY THE PARTIES

The Competition Council received notification of a proposed economic concentration involving the acquisition by the companies « Bloom Capital SARLAU », « HK Participations SARLAU » and « SOPAFI SA » of indirect joint control of the company « Manufacture Nationale pour la Réfrigération et l’Électronique SA » (MANAR), from the companies « SOPAR SA » and « Groupe Karlinah SA », through the acquisition, in two stages, of 91,20% of its share capital and the associated voting rights, through the company « KAPSET Industries SA », as well as the acquisition by MANAR of the « Siera » trademark from SOPAR. At the end of the first stage, KAPSET Industries will be a shareholder of MANAR alongside the company « SOPAR SA », which will retain a non-controlling minority stake in it until the second stage.

« Bloom Capital SARLAU » is a single-member limited liability company governed by Moroccan law, registered in the Casablanca Trade Register under number 462541, whose registered office is located at Casablanca, 10, rue Démocrite. It is a holding company.

« HK Participations SARLAU » is a single-member limited liability company governed by Moroccan law, registered in the Casablanca Trade Register under number 462619, whose registered office is located at Casablanca, 10, rue Démocrite. It is a holding company.

« SOPAFI SA » is a public limited company governed by Moroccan law, registered in the Casablanca Trade Register under number 117341, whose registered office is located at Casablanca, 42, boulevard Abdelkrim Khattabi. It is a holding company.

« KAPSET Industries SA » is a public limited company governed by Moroccan law in the process of being incorporated, whose registered office will be located at Casablanca, 10, rue Démocrite. It is intended to hold its shareholders’ stake in the target MANAR and currently carries out no operational activity.

« Manufacture Nationale pour la Réfrigération et l’Électronique SA » (MANAR) is a public limited company governed by Moroccan law, registered in the Casablanca Trade Register under number 232913, whose registered office is located at Km 8, Route Nationale n° 9, Ahl Loughlam, Casablanca. MANAR is active in the manufacture of refrigerators and freezers and in the marketing of household appliances.

« SOPAR SA » is a public limited company governed by Moroccan law, registered in the Casablanca Trade Register under number 30707, whose registered office is located at Casablanca, 42, boulevard Abdelkrim Khattabi. It is a holding company, owner of the « Siera » trademark, which it licenses to MANAR for use.

« Groupe Karlinah SA » is a public limited company governed by Moroccan law, registered in the Casablanca Trade Register under number 117125, whose registered office is located at Casablanca, 42, boulevard Abdelkrim Khattabi. It is a holding company.

Done in Rabat, on 12 novembre 2026.