Saudi’s Zahid Group has acquired a 30 percent stake in French oil and gas giant Total’s Moroccan operation, Total Maroc, in what precedes an initial public offering (IPO) on the Casablanca bourse.

Total Maroc, a marketing and services affiliate of Total, said 15 percent of Total Maroc’s shares would be made available to individual Moroccan shareholders and institutional investors in the IPO, which is expected to be launched in the near future.

Total will continue to retain a controlling interest in Total Maroc and operate it, the companies said in a joint statement.

“Having outside partners acquire interests in our affiliates is a key component of Total’s strategy in the petroleum products and services retail sector in Africa and the Middle East, and a critical factor in long-term success,” said Momar Nguer, senior vice-president, Africa-Middle East at Total Marketing and Services.

Source: arabianbusiness.com