Moroccan sugar extraction giant Cosumar sells stake in Saudi Durrah to Singapore Wilmar

Moroccan company specializing in sugar extraction Cosumar concluded, on Thursday December 28, 2023, the sale of all its shares in the company Durrah Advanced Development Company (‘Durrah’).

Cosumar used to own 43.275% of the share capital and voting rights of Durrah. The stake was bought by Wilmar Sugar PTE LTD for nearly $65 million. The stake had been initially purchased by Cosumar for the equivalent of $45 million, reads a press release.

Beyond its economic importance, the initial investment will allow Cosumar to carry out major greenfield industrial projects internationally.

On July 28, a global agreement to sell the entire stake of Wilmar International (30.05%) in the capital of Cosumar was signed with Moroccan institutional investors and shareholders. This framework also provides for the sale by Cosumar of all its stakes in the companies Durrah and Wilmaco, for the benefit of Wilmar and its affiliates.