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Sanlam Maroc to Absorb Allianz Maroc – Shareholders Meet on July 2 to Approve Deal
Sanlam Maroc will convene an extraordinary general meeting on 2 July 2026 to seek shareholder approval for the full absorption of Allianz Maroc. The plan includes a capital increase of MAD 122.5 million, issued through 1,225,000 new shares at a nominal value of MAD 100 each, exchanged at a 5‑to‑2 ratio in favour of Sanlam shareholders. The merger, already cleared by the AMMC and ACAPS, is set to boost Sanlam’s equity and position it as a leading insurer in Morocco.
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Sanlam Maroc Announces Extraordinary General Meeting
On 2 July 2026, Sanlam Maroc will hold an Extraordinary General Meeting (EGM) to let shareholders decide on two critical items: the approval of the merger by absorption of Allianz Maroc, and a capital increase earmarked to finance the transaction.
Merger Structure
The agreement, signed on 12 March 2026, calls for the total absorption of Allianz Maroc through a universal transfer of assets and liabilities. The deal has already received clearance from the Moroccan Capital Market Authority (AMMC) and from the Authority for the Control of Insurance and Social Welfare (ACAPS).
Capital Increase Details
Sanlam Maroc proposes to raise its share capital by MAD 122.5 million by issuing 1,225,000 new shares with a nominal value of MAD 100 each. These new shares will be allotted to Allianz Maroc shareholders at an exchange ratio of 5 Sanlam shares for every 2 Allianz shares.
Post‑Merger Share Structure
Following the transaction, Sanlam Maroc’s paid‑in capital will grow from MAD 411.7 million to MAD 534.2 million, increasing the total number of shares to 5,341,874.
Financial Highlights of the Deal
- Net assets contributed by Allianz Maroc: MAD 2.6 billion
- Total assets after merger: MAD 9.27 billion
- Liabilities assumed: MAD 6.67 billion
- Premium on the capital increase (difference between net assets and nominal capital): MAD 2.48 billion
If shareholders give their approval, Allianz Maroc will be dissolved without liquidation once the merger is fully executed.