Press Release from the Competition Council regarding the economic concentration project concerning the acquisition by the company ‘Africinvest Small Cap Fund LLC’ of joint control of the company ‘USG Technologies SA’ through the acquisition of 24.5% of its share capital and related voting rights

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:

• The acquirer: The company ‘Africinvest Small Cap Fund LLC’;
• The target: The company ‘USG Technologies SA’.

Nature of the operation

• Joint control acquisition.

Economic sectors concerned

• Electronic security;

Supply of audio-visual equipment;

• Energy solutions.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. June 2, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation concerning the acquisition by the company ‘Africinvest Small Cap Fund LLC’ of joint control of the company ‘USG Technologies SA’ through the acquisition of 24.5% of its share capital and related voting rights.

‘Africinvest Small Cap Fund LLC’ is a Mauritian company, headquartered at 5th Floor, Nexsky Building, Ebène Cybercity, 72201, Mauritius, registered with the Business Registry of Mauritius under number 209207 GBC. It is an investment fund owned by the AfricInvest Group.

‘USG Technologies SA’ is a Moroccan joint stock company, headquartered at Résidence Prima Office No. 105, 3^rd floor, Apartment 16, Corner of Mostofa Maani and 11 January, Casablanca, Morocco, registered with the Casablanca Trade Registry under number 656865. The company holds stakes in companies operating in Morocco in the fields of electronic security, audio-visual equipment, and clean energy solutions.

 

Done in Rabat, on May 22, 2025.