French olive oil group Sofiproteol has today revealed plans to take a 41% stake in Lesieur Cristal, a Morrocan oil manufacturer through its subsidiary Lesieur.
Sofiproteol said Lesieur Cristal has a turnover of MAD3.5bn. The move will make Sofiproteol the major shareholder in the company, alongside a group of institutional investors. Lesieur Cristal is listed on the Casablanca Stock Exchange.
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Sofiproteol said Lesieur Cristal is Morocco’s largest oil manufacturer and has a refining capacity of 460,000 tonnes and a bottling capacity of 300m litres. It produces seed oils and olive oil as well as being a leading producer of soaps in the country.
Sofiproteol emphasised the move is a key part of plans to develop its presence in the Maghreb region. “The Maghreb is one of our preferred areas for development abroad,” said Sofiproteol ceo Philippe Tillous-Borde. He said that the company is investing in edible oils in Morocco as well as through its Glon Sanders subsidiary which manufactures feed for livestock.
