Turkish grocer to sell 35% stake in Moroccan affiliate

ANKARA

Turkish discount grocer BIM has agreed on selling 35% shares of its Moroccan affiliate to the UK-based Blue Investment Holding, according to a statement sent to Turkey's Public Disclosure Platform (KAP) on Wednesday.

Blue Investment Holding is owned by Helios Investment Partners, a private equity fund manager focused on the Africa region.

The estimated value of the deal is 86.4 million Moroccan dirham ($9.6 million).

The sale, according to the filing, aims to maintain and develop BIM Stores SARLAU's current growth trend in Morocco, and achieve localization in the region with specialized investors to create further value.

The transaction is expected to be completed subject to conditions including an approval by the competition authority of Morocco.

BIM will still be the majority shareholder with 65% of the shares.