Al Mada (holding)

Graphic detailing ownership of the palace-controlled Société National d'investissement, as of June 2013

The company planned a merger with ONA (Omnium Nord-Africain), to diversify their investments’ portfolio, in 2009. The merger was only announced by the boards of the two companies on March 26, 2010.[6] With this merger, the group shifted from its conglomerate structure controlling the activities of its subsidiaries to an investment fund company incubating, developing and disposing of companies and projects present in the Moroccan economy. The reorganisation gave the group's subsidiaries a larger autonomy in the management of their affairs.[7]

As a result of the SNI-ONA merger, both companies have been delisted from the Casablanca stock market, forming a new investment holding company. They later list their subsidiaries on the stock exchange market once they reach maturity growth.

According to the Casablanca Stock Exchange chief executive, Karim Hajji, the SNI-ONA merger “will improve greatly the liquidity of Casablanca bourse and spur other companies to relinquish their majority controls and sell shares to investors via the bourse."[8]

On February 22, 2013, the group agreed to sell its stakes in Centrale Laitière (dairy firm) to French partner Danone for $727.23 million.[9]

On November 30, 2014, the SNI appointed Hassan Ouriagli as the new CEO to replace Hassan Bouhemou.[10]

In 2015, the net profit attributable to shareholders rose from MAD3.31 billion to MAD3.56 billion.[11]

In 2016, the group registered a 34% rise in net profit, following the merger with Lafarge Ciments and Holcim Maroc.[12]

On 28 March 2018, the SNI adopted its current name, Al Mada (Arabic: المدى), as well as a new slogan, "Positive Impact", as it planned to expand its presence throughout the African continent.[13][14]

In March 2020, Al Mada donated 2 billion dirhams to a COVID-19 emergency fund created by King Mohammed VI.[15]

On 8 September 2023, an earthquake with a magnitude of 6.8 M_w hit Marrakesh-Safi region of Morocco.[16][17] 6 Days after the earthquake has struck, Al Mada under the instructions of King Mohammed VI donated 1 Billion dirhams for relief operations of quake-hit regions.[18][19]

In 2016, SNI partnered with Lafarge Ciment and Holcim Maroc. The partnership is composed of two separate parts:[22]

• The merging of Lafarge Ciments and Holcim Maroc produced LafargeHolcim Maroc, the second listed cement-manufacturers in Africa.
• The creation of a common development subsidiary in Sub-Saharan French speaking Africa.

This operation is beneficial for both partners as they progress towards a Pan-African investment fund. It created the first industrial market capitalization in Casablanca for an amount of MAD40 billion (EUR3.7 billion).[22]

Partnership's implementation process:

• Merging of Holcim Maroc and Lafarge Ciment
• Assigning 50 percent to SNI of LafargeHolcim Maroc shares
• Contributing the new shares held by SNI and LafargeHolcim Maroc to Lafarge Maroc to retain the major part of the shares and control

The partnership also resulted in the creation of a common development subsidiary called LH Maroc Afrique, that targets the Sub-Saharan French speaking Africa (Burkina Faso, Ivory Coast, Gabon, Mauritania and Mali...).[22]

Attijariwafa Bank

SNI initially held 48% stake in Attijariwafa bank. In January 2015, The conglomerate hired the Goldman Sachs and Rothschild banks to advise them on finalizing the deal of selling 19% of Attijariwafa bank to reduce SNI's debt.[23]

Nareva

Nareva holding is fully owned by SNI and focuses on renewable and coal energy.[24]

Cosumar

In 2013, SNI started collaborating with Cosumar only to resell the majority of its shares in 2014. In 2015, the firm completely sold the remaining shares to the stock market.[25]

Centrale Laitière and Bimo

SNI sold its share of 37.7% in Centrale Laitiére to the French firm Danone. It also sold its 50% share of Bimo to Kraft Foods.[9]

Lesieur Cristal

In 2014, the group sold its remaining stakes of Lesieur in a public sale.[26]

Other Subsidiaries

Société Nationale d'Investissement (SNI) owns several other firms :[27][28]

• Agma Lahlou-Tazi
• Lafarge Maroc
• Managem
• Marjane
• Nareva
• ONAPAR
• OPTORG
• SOMED
• SONASID
• Sotherma
• Wafa Assurance
• Wafa Cash
• Wafa Capital
• Wana Corporate (Inwi)
• Aviation unit called Africaplane[29]