Palmeraie Holding becomes "Africorp Consortium"

The board of directors of Palmeraie Holding (Holding of participations) announced the change of name of the holding company which now becomes “Africorp Consortium”.

“After a substantial capital increase to support its development plan, the board of directors of Palmeraie Holding, (Holding of participations) chaired by Saad Berrada Sounni, the majority shareholder of the group, announces the change of name of the holding company which now becomes Africorp Consortium,” reads a statement from Africorp Consortium.

This change marks a new stage in the successful institutionalization of the group, initiated a few years ago, into a consortium of businesses with continental multi-sector development, an African holding company with majority stakes acquired in its business areas.

The names of the business divisions have also been redesigned to harmonize the global architecture of the brands: Industry & Distribution, via its Africorp Industry division, Agriculture, via its Africorp Agri division, Mines & Quarries, via its Africorp Mining division and Education, via its Africorp Edu pole.

Saad Berrada Sounni CEO Africorp Consortium

This historic transformation of the new name “Africorp Consortium” thus responds to the strategic development of the group and further affirms its African vocation, adds the same source. Africorp Consortium launched the construction of its new headquarters near Casablanca Finance City at the end of last year. The latter will be operational during the next quarter.

To support its diversification policy and its development plan, Africorp Consortium is supported by several leading institutions such as SFI (World Bank), Proparco, the EBRD, the English fund DPI, the South African/Singaporean fund TANA, as well as other key institutional players.

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