LONDON--(BUSINESS WIRE)--A successful stock market operation
The final results from the public offering for the sale of shares held by SNI in Lesieur Cristal show that the operation was a resounding success with investors. An amount of Dh 5.2 billion was subscribed by the market for Dh 580 million, i.e. an oversubscription rate of almost 9 times.
Overall, the operation was marked by the enthusiasm shown by institutional investors, especially foreign operators, who subscribed a total of over Dh 3.1 billion, followed by the public, subscribing over Dh 1.5 billion and then other entities subscribing Dh 0.5 billion.
This high demand reflects the market’s confidence in Lesieur Cristal’s growth prospects, the N°1 company in the oils and fats sector.
The third and final step of SNI’s sell-off of its shares in Lesieur Cristal
SNI’s responsible disengagement has been conducted in three steps, as originally pledged in March 2010. Firstly, backing for Sofiprotéol, the European leader in the oilseed market; then the formation of a block of Moroccan institutional investors associated with governance under a shareholding agreement; and finally a significant increase in the free float by way of a public offering.
SNI was keen to reserve a part of this operation for the benefit of the company’s workforce so that employees have vested interest in their company’s prospects for expansion and can reap the rewards of growth as shareholders.
SNI has now successfully transferred ownership of an emblematic company that it has supported for around forty years, and during which time it helped become a front-runner in its markets.
The operation is a full part of the reorganization of SNI-ONA, announced in March 2010, translating to a change from a multi-function group to that of a portfolio and investment holding company, and leading to the disposal of controlling stakes that have reached a sustainable level of development.
A significant free float for Lesieur Cristal on the stock market
With a free float increasing from 11% to 34%, Lesieur Cristal shares will benefit from one of the highest free floats currently listed, a move that should significantly improve stock liquidity.
Post-sale split of capital in Lesieur Cristal
Free float = 32%
Sofiproteol = 41%
Employees = 2%
Moroccan institutional investors = 25%
SNI is a portfolio holding company focusing on long-term investments in front-running companies and developmental projects for the Moroccan economy. As a business incubator and developer, SNI announced in March 2010, as part of a reorganization project, that it would go ahead with the sale of its controlling stakes in subsidiary companies that had become self-sufficient, predominantly on the stock market.
Sofiprotéol is the financial and industrial business side of the French oilseed (rapeseed, sunflower) and protein sectors (peas and broad beans). The industrial business of Sofiprotéol covers five complementary activities: trituration of seeds and seed-oil refining (Saipol); the refining and packaging of food oils (Lesieur); biodiesel production (Diester Industrie and Diester Industrie International); plant chemistry (Oleon and Novance); and animal nutrition, meat processing and eggs (Glon Sanders). Founded in 1983 by representatives from the agricultural sector, Sofiprotéol works to develop market openings and create value for oilseed and protein productions. In 2010, Sofiprotéol reported revenues of €5.6 billion and employed a workforce of 6,400.
About Lesieur Cristal
Lesieur Cristal, a company listed on the Casablanca stock exchange, is the historic leader in Morocco’s food oils and soap markets and one of the lead players across the continent. For over 70 years, Lesieur Cristal has been operating in all fats and oils sectors with business revolving around trituration, the refining, packing and distribution of a range of table and olive oils, plus a range of toilet (body) and household soaps.