The group of Moroccan institutional investors including Wilmar Sugar Holdings Pte. Ltd., Regime Collectif d'Allocation de Retraite, Caisse Marocaine De Retraite and Wafa Assurance SA (CBSE:WAA) and others made an offer to acquire additional 36.9% stake in Compagnie Sucriere Marocaine De Raffinage SA (CBSE:CSR) from Caisse Interprofessionnelle Marocaine de Retraites, Moroccan institutional investors and others for MAD 2.9 billion on January 24, 2014. As a part of transaction, Moroccan institutional investors offer to acquire 1.5 million shares at a price of MAD 1900 per share.

The other institutional buyer include Mutuelle Agricole Marocaine d'Assurances, AXA Assurance Maroc SA, CNIA SAADA Assurance (CBSE:CNIA) and RMA Capital, along with its fund RMA Cap Dynamique. The seller Moroccan institutional investors include Societe Centrale De Reassurance SA, Wafa Gestion, Caisse de Dépôt et de Gestion Group, Investment Arm, CFG Group, Investment Banking Arm, La Mutuelle Centrale Marocaine d Assurances, Caisse Interprofessionnelle Marocaine de Retraites.

Tender offer will run from March 20, 2014 to March 26, 2014. As a part of offer, Societe Nationale d'Investissement S.A. undertakes unconditionally and irrevocably not to sell its cosumar shares as part of takeover bid. Wilmar Sugar Holdings Pte. Ltd. is acting as party in concert. No waiver threshold is provided as part of this public mandatory takeover bid. The transaction is subject to approval of the Casablanca Stock Exchange and the final schedule of the offer will be determined later.

The group of Moroccan institutional investors including Wilmar Sugar Holdings Pte. Ltd., Regime Collectif d'Allocation de Retraite, Caisse Marocaine De Retraite and Wafa Assurance SA (CBSE:WAA) and others cancelled the offer to acquire additional 36.9% stake in Compagnie Sucriere Marocaine De Raffinage SA (CBSE:CSR) from Caisse Interprofessionnelle Marocaine de Retraites, Moroccan institutional investors and others on January 24, 2015.