CMT: A 1.36 Billion DH Public Offer to Facilitate Shareholder Change
The Moroccan Financial Market Prepares for Significant Acquisition of Compagnie Minère de Touissit
On October 26, 2026, the Moroccan Capital Market Authority (AMMC) approved the information note for the mandatory public buyout initiated by Ayrad Group Limited, Osead Fund, Ayrad Maroc, and the Moroccan Interprofessional Pension Fund (CIMR). The offer is set at 2,217 dirhams per share, involving 611,898 shares, and will take place from November 3 to November 17, 2026.
The Moroccan financial market is on the cusp of a major operation concerning the Compagnie Minère de Touissit (CMT). According to data released by the regulator, the maximum value of the operation amounts to 1.356 billion dirhams.
This offer is put forth by Ayrad Group Limited, Osead Fund, Ayrad Maroc, and the CIMR, targeting 611,898 shares priced at 2,217 dirhams each. This figure represents a theoretical ceiling; the actual cost will depend on the number of shares tendered in the offer.
Shareholder Agreement Sparks the Operation
This acquisition is part of a shift in CMT’s shareholder structure. In July 2026, the implementation of a shareholder agreement between Ayrad Group Limited and CIMR resulted in their combined voting rights exceeding 40%, thereby triggering the mandatory offer in accordance with stock market regulations. Ayrad had indirectly acquired 37.04% of the equity, while CIMR owned 16.54%.
Thus, this operation serves as a regulatory obligation linked to control structure and voting rights. However, it does not alone indicate that CMT will delist from the Casablanca Stock Exchange. During the initial review of the project, the initiators expressed their intention to keep the company publicly listed.
Two Weeks to Tender Shares
The offer period is set from November 3 to November 17, 2026, inclusive. Affected shareholders will have the opportunity to present all or part of their shares at the announced price of 2,217 dirhams per share.
The determination of this price is based on a multi-criteria approach that was analyzed by the AMMC. The information released during the project’s approval cited a combination of the weighted average share price over twelve months and the price from a reference transaction.
The outcome of this operation will now depend on the level of participation from shareholders. The volume of shares tendered will provide insight into the acceptance of the offer and refine the understanding of 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 surrounding the evolution of shareholding in a publicly listed mining company and how market operations facilitate changes in control among Moroccan enterprises.
