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FINANCIAL NEWS
Saudi Zahid Group acquires 30 percent in French Total
19 May 2014
(MENAFN) Saudi-based Zahid Group has recently bought 30 percent stake French oil and gas giant Total’s Moroccan operation, Total Maroc, according to Arabian Business.
Total Maroc, a marketing and services affiliate of Total, said 15 percent of Total Maroc’s shares would be made available to individual Moroccan shareholders and institutional investors in the IPO, which is expected to be launched soon.
Momar Nguer, senior vice-president, Africa-Middle East at Total Marketing and Services, said: “Having outside partners acquire interests in our affiliates is a key component of Total’s strategy in the petroleum products and services retail sector in Africa and the Middle East, and a critical factor in long-term success.”
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