Two moroccan cement firms to merge shortly

Morocco's "Ciments du Maroc" (CIMAR), a subsidiary of Italcementi Group, and "Ciments de Marrakech" (ASMAR) will merge soon to counter the challenges facing the sector.

The two firms' board of directors approved last week the merging project and affirming that exchange of shares will take place as follows: 6 shares of CIMAR against 5 shares of ASMAR.

Analysts say the merger will allow a swift implementation of commercial and industrial synergies to create a value for shareholders. Both companies control around 28 % of Morocco's cement market estimated at 7.15 million ton per year.