The Assurances Mutuelles Ittihad, (AMI), have announced that their search for a strategic partner has been suspended. This decision comes after the capital opening bid, whose deadline was set at 16 December 2016, had failed.
By the end of November, five local insurers and three Moroccan groups had exhibited interest in the acquisition of 35% of the capital proposed. The discussions and technical verifications between AMI and potential buyers had failed. Limiting equity participation to 35% has been deemed disproportionate in view of the commitments required by AMI in terms of know-how transfer and development. Furthermore, control over the 35% shareholding entails the takeover of the remaining stakes at a market price deemed too high.
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