CMT: A 1.36 Billion DH Takeover Bid to Support the Change of Shareholding
AMMC Approves Information Note for Mandatory Public Takeover Bid Initiated by Ayrad Group Limited and Partners
The Moroccan Capital Market Authority (AMMC) has approved the information note concerning the mandatory public takeover bid initiated by Ayrad Group Limited, Osead Fund, Ayrad Maroc, and the Moroccan Interprofessional Pension Fund (CIMR). Set at 2,217 dirhams per share, the operation involves 611,898 shares and will take place from November 3 to November 17, 2026.
The Moroccan financial market is gearing up for a significant operation surrounding the Compagnie minière de Touissit (CMT). On October 26, 2026, the AMMC sanctioned the information note related to the mandatory public takeover bid targeting the mining company’s shares. The total amount for the operation is expected to reach a maximum of 1.356 billion dirhams, according to data released by the regulator.
This offer is brought forward by Ayrad Group Limited, Osead Fund, Ayrad Maroc, and CIMR. It concerns 611,898 shares at a unit price of 2,217 dirhams each. This amount serves as a theoretical cap; the final cost will depend on the actual number of shares tendered in the offer.
A Shareholder Pact at the Heart of the Operation
This public takeover bid is part of a shift in CMT’s shareholder structure. In July 2026, the enforcement of a shareholder pact between Ayrad Group Limited and CIMR resulted in surpassing the threshold of 40% of voting rights, making the launch of the offer mandatory under stock exchange regulations. Ayrad had indirectly acquired 37.04% of the capital, while CIMR held 16.54%.
Thus, the operation meets a regulatory obligation linked to the control structure and voting rights. However, it does not imply that CMT will leave the Casablanca Stock Exchange. During the initial review of the project, the initiators indicated their intention to keep the company listed.
A Fifteen-Day Window to Tender Shares
The offer period is set from November 3 to November 17, 2026, inclusive. Concerned shareholders will have the opportunity to present all or part of their shares at the announced price of 2,217 dirhams per share.
The establishment of this price is based on a multi-criteria approach examined by the AMMC. The elements released during the project’s admissibility indicated a combination between the weighted average share price over twelve months and the price of a benchmark transaction.
The outcome of the operation will now hinge on the level of shareholder participation. The volume of shares tendered will allow for an assessment of interest in the offer and provide insight into the company’s shareholder balance.
For the market, the stakes extend beyond the mere figure of 1.36 billion dirhams. They also encompass the conditions under which the shareholding of a listed mining player evolves and how market operations support changes in control of Moroccan companies.
