The companies held, this Monday, June 1, 2020, their board of directors and adopted the terms of their merger project. This will be done through the absorption of Sanad by Atlanta, Sanad being a 99.96% subsidiary of Atlanta. The merger will be carried out on the basis of an exchange parity of 11 Atlanta shares for 1 Sanad share.
The finalization of the merger, which is scheduled for the end of September 2020, is subject to customary regulatory approvals, in particular obtaining the approval of the merger and the agreement to transfer all of the assets of Sanad to Atlanta. by ACAPS, obtaining the visa of the AMMC on the prospectus relating to the merger and the approval of the merger by the extraordinary general meetings of the shareholders of Atlanta and Sanad.
This merger is part of the continuity of the strategic reorganization and development of the Finance Division of the Holmarcom Group, said a press release issued on Monday, June 1.
The CEO of the Holmarcom Group, Mohamed Hassan Bensalah said: “Our two companies are of similar size, achieve excellent performance and, for years, have posted above-average indicators for the market. By merging them, we will further consolidate our achievements to create a single company that is stronger, more modern and more accessible ”.
The merger will allow the creation of synergies at all levels, whether from a commercial, technical or financial point of view, assures the group.
The new group, resulting from the merger, aims to position itself as a benchmark Moroccan insurer, with a consolidated turnover of nearly 5 billion dirhams, achieved in 2019, more than 650 employees and an exclusive network of nearly 400 points of sale.
– .
