Government institution sells 35,500 shares in Ciments du Maroc

The Moroccan Capital Markets Authority (AMMC) has announced that the Abu Dhabi Fund For Development (ADFD) has sold 35,517 Ciments du Maroc shares to the central market at a unit price of MAD1660 (US$180.5), decreasing the ownership threshold to five per cent, reported Morocco World News.

As a result of this transaction, which took place 21 February 2018, ADFD now holds 691,160 Ciments du Maroc shares, or 4.79 per cent of the capital, according to a  statement from Casablanca’s stock exchange, issued 1 March 2018.

ADFD is an autonomous institution established by the Government of Abu Dhabi in July 1971 and located in Abu Dhabi. Its main purpose is to support developing countries.

In July 2017 the cement market experienced an unexpected surge of sales only to fall in August by 10.33 per cent to 1.28Mt against 1.31 per cent in the same month of 2016, following the decline in construction activity.