Press release from the Competition Council regarding the economic concentration project concerning the joint takeover by ‘STOA SA’ and ‘Africa50 Infrastructure Acceleration Fund I LP’ of the company ‘Mass Céréales Al Maghreb SA’, through the acquisition of 49% of the share capital and related voting rights, alongside its historical partner ‘Mass Jordanie pour le Commerce, Import and Export’

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 ‘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 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:

• Acquirer No. 1: ‘STOA SA’;
• Acquirer No. 2: ‘Africa50 Infrastructure Acceleration Fund I LP’;
• Historical partner: ‘Mass Jordanie pour le Commerce, Import and Export’;
• The target: ‘Mass Céréales Al Maghreb’.

Nature of the operation:

• Joint takeover.

Economic sectors concerned:

• Market for services offered in bulk agricultural terminals (handling and storage services for cereal freight in ports).

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. June 30, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration operation consisting of the joint takeover by ‘STOA SA’ and ‘Africa50 Infrastructure Acceleration Fund I LP’ of the company ‘Mass Céréales Al Maghreb SA’, through the acquisition of 49% of the share capital and related voting rights, alongside its historical partner ‘Mass Jordanie pour le Commerce, Import and Export’.

‘STOA SA’ is a French joint-stock company owned by the Caisse des dépôts et consignations and the Agence Française de Développement, established on November 8, 2017 with its registered office at 151 rue Saint Honoré, 75001 Paris, France, and registered with the Paris Trade and Companies Register under number 833 130 958. ‘STOA SA’ is an investment vehicle aiming to take minority stakes in mainly greenfield projects in emerging countries in Africa, Asia, and Latin America, in the energy, transport & logistics, telecommunications, environment, and social sectors.

‘Africa50 Infrastructure Acceleration Fund I LP’ is a limited partnership established on June 7, 2021 with its registered office at C/o IQEQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port-Louis, Mauritius, and registered under number L203. ‘Africa50 IAF’ is a private investment fund mainly investing in infrastructure projects on the African continent.

‘Mass Céréales Al Maghreb SA’ is a Moroccan joint-stock company established on January 15, 2004 with its registered office at 20 rue Mustapha El Maani, Casablanca, and registered with the Casablanca Trade Register under number 128143. The company operates in the field of cereal terminal operation and has a subsidiary in Senegal.

 

Done in Rabat, June 19, 2025