[:en]BIM signed a deal to sell 35%of its shares in Morocco

BIM signed a deal to sell 35%of its shares in Morocco

[:en]The giant retail chain BİM signed a contract for the sale of 35% of its shares of BIM Stores operating in Morocco, announced that a profit of 455 million TL would be generated as a result of the deal.

In a statement made to the Public Disclosure Platform, BİM announced that it has signed a deal with Blue Investment Holding, whose funds are managed by Helios Investment Partners, a private equity fund specialized in investment in African countries selling. The agreement will transfer 35% of BIM’s shares, or Sarlau as called in Morocco- to BIH.

In the statement, it was mentioned that the deal aims to maintain and develop the current growth trend of the company in the Kingdom of Morocco and to contribute to localization with specialized investors in the region.

BİM’s statement to Public Disclosure Platform is as follows:

“On 09.12.2020, we, BİM Birleşik Mağazalar A.Ş., entered into a share selling and purchase agreement with Blue Investment Holding , a special purpose vehicle established by the funds advised by Helios Investment Partners LLP, a leading private equity fund manager operating in the Africa region, in relation to the selling of the shares representing 35% of the share capital of BİM Stores SARLAU (BIM Morocco) to them.

The deal is expected to be completed after satisfying certain precedent conditions including but not limited to the approval of  Conseil de la Concurrence, the competition authority of the Kingdom of Morocco. With the proposed selling, we aim to maintain and develop BİM Stores SARLAU’s current  growth trend in the Kingdom of Morocco and achieve localization in that region with  investors specialized in the Africa region to create further value.”

455 Million TL Profit

According to the statement, a profit of 455 million TL will be generated from the deal, which is expected to be completed after certain conditions are met, including the approval of the competition authority of the Kingdom of Morocco.

BİM shares are being traded at 69.75 TL with an increase of 1.1% as of 13:08 pm. BIST-100 index is also up by 0.7%.

BİM announced in October that it decided to investigate and evaluate strategic options, including partnership alternatives with local or international investors related to its investments in Morocco and Egypt.

BİM, Turkey’s retail giant, provides the most employment in Turkey according to a resarch by Capital500 research.

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