SANLAM EMERGING MARKETS IRELAND, SAHAM FINANCES, SAHAM INSURANCE and SAHAM FINANCES PARTICIPATIONS, acting in concert, filed with the Moroccan Capital Markets Authority (AMMC) on October 12, 2018, a proposal for takeover bid for SAHAM ASSURANCE shares.
This offer will be exercised In accordance with Article 28 of Law 26-03 on public offerings on the stock market. As a consequence of this filing, the AMMC asked the Casablanca Stock Exchange to suspend the listing of SAHAM ASSURANCE shares as of October 15th.
This proposed takeover bid was made following the acquisition by SEM IRELAND of 100% of the share capital and voting rights of Saham Insurance, which holds 53.4% of the share capital and voting rights of Saham Finances, thus crossing indirectly the threshold of 40% of the voting rights of SAHAM ASSURANCE.
According to the provisions of article 31 of the aforementioned law, the AMMC has 10 working days to examine the admissibility of this project. This deadline is suspended by requests for information and justifications by the AMMC. If the draft offer is declared admissible, its main provisions will be published in a notice of admissibility.
