In order to jointly boost the asphalt activity in Morocco and exploit synergies in the medium and long term, Madjaline Holding sells to Cepsa 40% of its interests in its companies Sorexi and Bitulife, leaders in the manufacture and sale of asphalt in Morocco.
This transaction, which takes place in a period that can only be described as economically complicated, demonstrates the attractiveness of Morocco as a leading industrial destination and the robustness of the Madjaline holding company and its companies Sorexi and Bitulife. The first, with more than 90 years of experience, has three factories in Nador, Casablanca and Agadir with large production and storage capacities. Bitulife, for its part, has been operating on the market for the production and distribution of waterproofing products for almost 20 years. The joint objective is now to help generate competitiveness on the growing Moroccan energy market.
This operation shows the current and future ability of the Madjaline holding company to adapt and innovate in activities that respect the environment and save energy.
“The willingness of a company like Cepsa to unite with our group through this participation shows the attractiveness of our country as an industrial investment hub. It also reflects the attractiveness of our group and its in-depth knowledge of this market as well as its ability to reach international standards in the sector, even during the most complicated periods”, concludes Aniss Elbied, founder and CEO of Madjaline Holding.
Through this acquisition, the Cepsa company, present in Morocco for over 30 years, consolidates its position as one of the main energy players in the territory and aspires to continue to bring its experience in the development and the distribution of high quality products adapted to the specific needs of its customers. Cepsa thus strengthens its position in a priority region, such as North Africa and, more specifically, in Morocco, a key country for the company because of its proximity to Spain and its great growth potential.
“The acquisition of a significant stake in Sorexi and Bitulife, leaders of their sector in Morocco, is one of the most important milestones of this year 2020 for the commercial management of Cepsa. After 30 years of activity in this country, which has attractive growth potential, we are taking a new step today to continue to develop our commercial activity and our international presence. In addition, we hope to continue to develop opportunities with our partner Madjaline Holding,” said Pierre-Yves Sachet, Sales and Strategic Growth Director at Cepsa.