Stocks Market
CMT Takeover: Ayrad Group Secures 37.04% Stake, Triggers Mandatory Tender Offer
Ayrad Group Limited has announced the acquisition of a 37.04% indirect stake in CMT through a complex transaction involving Strategos Ventures Limited and the Luxembourg-based OSEAD Fund. The deal, valued at $130 million, resolves existing legal disputes and sets the stage for a mandatory tender offer for all CMT shares, pending regulatory approvals. This strategic move positions Ayrad alongside CIMR to jointly control CMT, signaling a major shift in the company's ownership structure.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
CMT Takeover: Ayrad Group Secures 37.04% Stake, Triggers Mandatory Tender Offer
In a significant development in the Moroccan financial markets, Ayrad Group Limited has announced the acquisition of a 37.04% indirect stake in CMT (Compagnie Marocaine de Tissus) through a complex transaction involving multiple parties and legal settlements.
The transaction, valued at $130 million USD, involves Ayrad acquiring 100% of the shares of OSEAD Fund, a Luxembourg-based entity owned by Strategos Ventures Limited (SVL). Through its Moroccan subsidiary OMM, OSEAD Fund holds the indirect 37.04% stake in CMT's share capital.
According to the agreement, the transaction is contingent upon the resolution of two ongoing disputes involving CMT:
- A dispute with OMM regarding a 2012 loan from CMT to OMM, for which CMT was to receive the dirham equivalent of $35 million USD
- A dispute with Shaba Metals LLC, an entity linked to SVL, concerning the execution of offtake contracts signed in 2024, involving $12 million USD in payments to CMT
- An agreement with the Office des Changes for a settlement of 182 million MAD to resolve legal proceedings against CMT
The transaction is expected to be completed in April 2026, subject to customary preconditions. Following the acquisition, Ayrad and CIMR plan to jointly control CMT through a shareholders' agreement, which will be conditional upon approval from the Competition Council.
Upon successful completion of the joint control, Ayrad will indirectly hold 37.04% of CMT's share capital, while CIMR will hold 16.12%. This change in ownership structure will trigger a mandatory tender offer for all CMT shares, subject to prior approval from the Capital Markets Authority (AMMC).
CMT has committed to keeping investors and stakeholders informed of any significant developments related to this operation, in accordance with current regulatory requirements.