Turkish retailer BIM to sell 35% share in Moroccan affiliate

Turkish discount retailer BIM has signed an agreement for the sale of 35% of the minority shares of its Moroccan affiliate to the UK-based private equity fund Helios Investment Partners, the grocer announced on Wednesday.

According to Anadolu, the estimated value of the deal is 86.4 million Moroccan dirham ($9.6 million). The sale «aims to maintain and develop BIM Stores SARLAU’s current growth trend in Morocco», the same source added.

The transaction needs to be approved by the competition authority in Morocco to be completed. Turkey is the majority shareholder of BIM with 65% of the shares.