US fund purchases over 36 percent of Moroccan fertilizers import company
Morocco-USA, Economics, 12/25/2003
The US fund "AIG African Infrastructure Fund LLC" has purchased 36.36 percent of the capital of the Moroccan fertilizers import company "Gharaf Corporation" for 100 million Dhs (nearly US $10 million), the Moroccan company's CEO, Amine Kandil, told a press conference, in Casablanca Tuesday.
This operation will enable "Gharaf Corporation" to fund a 55 million Dhs-worth (US $5.5million) investment program, and pay 45 million Dhs (US $4.5 million) of debts, he said, adding that the transaction will also allow the company to improve technical, logistic and industrial capacities.
The "AIG African Fund Infrastructure Fund L.L.C." was established in March 2000 to invest in infrastructure and related industries in Africa. The Fund joins African and international companies in sponsoring attractive new businesses, and invests in established companies to fund growth and new operations. Its capital is estimated at US $405 million.
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