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Sothema Completes 99.99% Takeover of Soludia Maghreb in Historic Deal
Sothema announced the closing of its acquisition of 99.99% of Soludia Maghreb’s capital. The transaction combines a direct purchase of shares from key shareholders – including Abdellaziz Razkaoui, the Cap Mezzanine III fund (managed by CDG Invest Growth) and the Zine family – with a capital increase at Sothema financed by the same investors. The total nominal value of the capital raise amounts to MAD 630,428,614.60, premium included, and received regulatory approval from the Moroccan Capital Markets Authority on 9 December 2025.
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Sothema finalises the acquisition of 99.99% of Soludia Maghreb’s share capital.
Deal Structure
The transaction was executed through two complementary steps:
- Purchase of shares directly from Soludia’s shareholders – Mr. Abdellaziz Razkaoui, the Cap Mezzanine III fund (managed by CDG Invest Growth) and the Zine family.
- Simultaneous capital increase of Sothema, funded by Mr. Razkaoui and Cap Mezzanine III in exchange for the portion of Soludia shares they transferred.
Financial Details
The new equity injection totals MAD 630,428,614.60, premium included. This capital raise was approved by the Moroccan Capital Markets Authority (AMMC) with a visa dated 9 December 2025.
Regulatory Approval
The prospectus covering the in‑kind capital increase was reviewed and cleared by the AMMC, confirming compliance with all market‑regulation requirements.
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