Attica Holdings S.A.: Sales agreement of the operation in Morocco

 

Attica Holdings S.A. announces that it has reached a binding agreement with Stena Line Holding BV, for the sale of its stake in Africa Morocco Link (AML). The agreement concerns the 49% shareholding stake of Attica Group in AML, as well as the two vessels Morocco Star and Highspeed 3, owned by subsidiaries of Attica Group and which are related to the specific operation.

The total consideration amounts to 49m euros while the net profit is expected to exceed 21m euros and will be included in the Group’s financial results upon completion of the transaction.

AML was founded in 2016 by Attica Group and Bank of Africa, οne of the largest bank institutions in Morocco. Shortly after its foundation, AML managed to be established as one of the most prominent players in its market.

The CEO of Attica Group, Panos Dikaios, stated: “The agreement for the sale of our operation in Morocco, is within the context of our strategic planning for reallocation of our resources towards our core business in view of our continuous investments for fleet renewal and green transition.The transaction price portrays the successful completion of this business venture and crystalizes the value accretion for our Group”.

The agreement is subject to finalisation of the transaction contractual documents, as well as to the approval of the Moroccan Competition Commission.

Tags: Attica Group, Panos Dikaios, Attica Holdings,  Stena Line Holding,    Africa Morocco Link (AML)