Morocco’s transport company CTM acquires 51% stake of AML

Moroccan transport company Compagnie de Transports au Maroc (CTM) announced the acquisition of Bank of Africa's (BOA) majority stake (51%) in the shipping company Africa Morocco Link (AML), BOA said on Friday.

The transaction, between entities owned by the same O Capital Group under Othman Benjelloun, will allow AML to leverage CTM's expertise in passenger and freight transport. This acquisition also marks the beginning of a new growth phase for CTM, solidifying its recent diversification strategy.

AML, founded in June 2016 through a partnership between BOA (51%) and Greek shipowner Attica Holdings SA (49%), is headquartered in Tangier and operates freight and passenger ferries between Tangier Med and Algesiras.

This summer, the company is also set to launch a new high-speed link between Tangier City and Tarifa. The acquisition awaits approval from relevant authorities.