The holding Saham (Morocco) has just achieved a great deal by taking control of the pan-African group Colina. Already present in the Moroccan insurance through the company CNIA Saada, the holding company, which intends to build a large-scale regional group, made this move following three years of prospecting, evicting two other potential acquirers RMA Watanya and Wafa Assurances.
This deal has materialized through the purchase of 92% of the Lebanese businessman Michel Pharaon shares in the capital of Colina . The remaining 8% is in the hands of Banque of Africa.
Actively present in the Moroccan economy and particularly in the service sector, the Saham group was set up in 1995 by Moulay Hafid Elalamy, a Moroccan successful businessman, especially after the insurance company CNIA-SAADA got listed.
Saham group has four business areas : finance, off-shoring, distribution and financial participations. The first area includes insurance, assistance and consumer credit activities. The off-shoring revolves around the telecommunication company Phone Group, while the sector of distribution is made up of a large network of high value-added stores. The sector of financial participations is dedicated to the group's interests within various projects including IT, hotel industry, etc.
Colina, a reference group in sub-Saharan Africa, was established in Côte d'Ivoire in 1980. Following a series of mergers and takeovers, the group has become a major player in Western and Central Africa and in the Indian Ocean. It was set up in 11 African countries through 15 insurance and reinsurance companies. In 2009, Colina posted a turnover of 67 billion FCFA (149 million USD) and a net result of 4.4 billion FCFA (10 million USD). For the past five years, the group has reported an average premiums growth rate of 12%.