Press release from the Competition Council regarding the economic concentration project concerning the joint control acquisition of the company “Building Logistics Services SA” by the company “H&S Invest Holding SA” and the company “STOA SA” alongside the “International Finance Corporation”

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 below “operation summary” 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 confirm 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 involved:

• Party No. 1: The “International Finance Corporation”;
• Party No. 2: The company “H&S Invest Holding SA”;
• Party No. 3: The company “STOA SA”;
• The target: The company “Building Logistics Services SA”.

Nature of the operation

• Takeover

Economic sectors concerned

• Logistics sector.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., August 2, 2024.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation concerning the joint control acquisition of the company “Building Logistics Services SA” by the “International Finance Corporation” alongside the company “H&S Invest Holding SA” and the company “STOA SA”.

The “International Finance Corporation” (IFC) is an international institution, a member of the World Bank Group, focused on the private sector in developing countries. IFC assists developing countries by financing private sector investments, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. The International Finance Corporation is considering acquiring approximately 17% of the shares and voting rights of the company “Building Logistics Services SA”.

“Building Logistics Services SA” is a Moroccan joint-stock company specializing in the warehousing of fast-moving consumer goods in the hygiene, food, health, and cosmetics sectors.

 

Done in Rabat on July 22, 2024.