uspended since July 17, the shares of the Compagnie Miniere de Touissit return this Wednesday to the board of the Casablanca Stock Exchange. The Moroccan Capital Market Authority declared receivable, on September 15 in Rabat, the mandatory tender offer filed by Ayrad Group Limited acting in concert with OSEAD Fund, OSEAD Maroc Mining and the Caisse Interprofessionnelle Marocaine de Retraite. The entry into force, on July 13, of the shareholders’ pact binding Ayrad to the CIMR took the concert past the 40% threshold of voting rights and made the filing mandatory under article 18 of law 26-03. The offer covers 36.40% of the capital and voting rights, at 2,217 dirhams a share.
That price is the average of two methods weighted equally: 2,523 dirhams for the volume-weighted average price over the twelve months preceding March 26, 2026, the date of the cooperation protocol between Ayrad and the CIMR, and 1,910 dirhams for the reference transaction, the one by which Ayrad indirectly took 37.04% of the capital. Atlantic RE, Axa Assurance Maroc, the Caisse de Depot et de Gestion and the Regime Collectif d’Allocation de Retraite have waived their right to tender their shares; the Ministry of Economy and Finance raised no objection on the grounds of national strategic interests. No withdrawal threshold is set, and the bidders say they intend to keep the company listed and not to continue buying after the close. The final timetable, which the Casablanca Stock Exchange will have to validate, will say in which weeks the minority shareholders must decide.
Photo: AyourAchtouk, CC BY-SA 4.0.
Autorité marocaine du marché des capitaux - Décision de recevabilité du projet d’Offre Publique d’Achat obligatoire sur les actions CMT
