Press release from the Competition Council regarding the economic concentration project concerning the joint control acquisition by the company “Union Finance Corp SA” of the company “Anfa Realties Construction SARL” alongside the companies “Anfa Realties SA” and “Anfa Consortium SARLAU.”

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 “operation summary” below, containing the information provided by the parties.

This information was 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 involved:

• The acquirer: the company “Union Finance Corp SA”;
• The historical shareholders: the companies “Anfa Realties SA” and “Anfa Consortium SARLAU”;
• The target: the company “Anfa Realties Construction SARL”.

Nature of the operation:

• Joint control acquisition.

Economic sectors concerned:

• Construction works market.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e., May 4, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received a notification of a concentration project consisting of the joint control acquisition by the company “Union Finance Corp SA” of the company “Anfa Realties Construction SARL” alongside the companies “Anfa Realties SA” and “Anfa Consortium SARLAU,” through the acquisition of 40% of its share capital and related voting rights.

“Union Finance Corp SA” is a Moroccan joint-stock company with its registered office at 29, Rue de Lille, 2nd floor, Roches Noires, Casablanca, registered with the Casablanca Trade Register under number 469327. “Union Finance Corp SA” is a holding company engaged in direct or indirect investments in Moroccan or foreign companies, as well as in the management and disposal of its investments.

“Anfa Realties SA” is a Moroccan joint-stock company with its registered office at Rue 1, Villa No. 13 lot WAKANATI Ain Diab Casablanca, registered with the Casablanca Trade Register under number 165433. “Anfa Realties SA” is a player in the real estate sector in Morocco, specializing in the development of residential, commercial, and tertiary projects, mainly in Casablanca and Marrakech.

“Anfa Consortium SARLAU” is a single-member limited liability company under Moroccan law with its registered office at Res Prima Office No. 105 Apt 16 20000, Casablanca, registered with the Casablanca Trade Register under number 569075. “Anfa Consortium SARLAU” is engaged in consulting and carrying out studies and services in the real estate sector.

“Anfa Realties Construction SARL” is a limited liability company under Moroccan law with its registered office at 46 Boulevard Zerktouni, 6th floor, offices 15 and 16, Casablanca, registered with the Casablanca Trade Register under number 14988. “Anfa Realties Construction SARL” is involved in the construction of residential, commercial, and tertiary real estate projects in Morocco.

Done in Rabat on April 23, 2026