Xinhuanet
Source: Xinhua
Morocco’s largest investment holding company, Societe Nationale d’Investissement (SNI), has drastically expanded in Africa, the company source said on Wednesday.
It made 26 percent of its profits in 2017 from its business activities in Africa compared to 11 percent in 2013, the source said.
The increase of the African contribution in the company’s revenues was made in a statement issued after a meeting of SNI’s board of directors on Wednesday in Morocco’s economic capital Casablanca.
The company said that expansion in Africa was a decision taken in 2014, noting that it has invested some 650 million U.S. dollars in the other countries of the continent in 2017.
It noted that it has now presence in 24 African nations in addition to its branches in Belgium, France and the United Arab Emirates.
SNI announced also that it has decided to change its name to Al Mada and its motto to “Positive Impact”.
The Moroccan holding company is the main shareholder in some of the country’s biggest firms, including AttijariWafa Bank, miner Managem, energy firm Nareva, cement company Lafarge Maroc and Marjane, Morocco’s leading supermarket chain.
