Sep 17 2005 |
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Morocco Privatizes Four State-owned Sugar Refineries in MAD 1.37 Billion Deal
Cairo (APD) - Morocco sold four state-owned sugar refiners to Cosumar , a subsidiary of the local Groupe ONA, giving the company full control of sugar supply into the 1 million ton a year market, Business Monitor International, reported Friday.In a MAD 1.37 billion deal, the subsidiary Cosumar acquired Sucrerie Raffinerie de l'Oriental, Groupe des Sucreries de Betterave Gharb et Loukkos, Sucrerie Raffinerie du Taddla and Sucrerie Raffinerie de Cannes du Gharb.
The four previously state owned assets account for 71.0% of the 500,000 ton of sugar produced locally. Cosumar makes up the remainder and also has a 500,000 ton a year raw sugar refining unit.
However, it represents a solution to help develop an industry that receives MAD 2 billion of annual state subsidies. Cosumar hopes to hike domestic output by over 25.0% over the next 10 years and raise by 40.0% the income of some 80,000 families who are dependant on sugar cane cultivation.
By Eman Wahby
© APD (Arab Press Digest) 2005
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