Afriquia Gaz, a Casablanca-based group controlled by Moroccan billionaire Aziz Akhannouch, is set to acquire Total Mauritania, the Mauritanian subsidiary of French multinational integrated energy group TotalEnergies, as part of a move to expand its operations in the region.
Akhannouch is the prime minister of Morocco.
Total Mauritania, which has been a key player in the Mauritanian oil and gas industry since its inception in 1999, has an extensive distribution network in the country, with 40 retail points spread across strategic locations.
On Tuesday, the regional director of Total in Mauritania met with the company’s employees to inform them of the parent company’s decision to sell Total Mauritania to Casablanca-based Afriquia Gaz.
The transaction, which is subject to regulatory approval, will see Afriquia Gaz acquire Total Mauritania for $185 million in a move to consolidate its operations in the region as part of its strategic diversification plans.
Since the definitive agreement was signed between TotalEnergies and Afriquia Gaz, Total Mauritania has begun to transfer skills to the Akhannouch-led group to ensure a smooth transition in accordance with the terms of the agreement.
Afriquia Gaz SA is a Morocco-based group engaged in refining and marketing liquefied petroleum gas. It also offers high-performance energy solutions covering domestic and professional needs.
The energy group is 30-percent owned by Akwa Group, a Moroccan conglomerate led by Akhannouch.
Akhannouch, who was appointed prime minister of Morocco in September 2021, derives the majority of his fortune from Akwa Group, which was founded in 1932 by his father and a partner, Ahmed Wakrim.
He indirectly owns shares in Afriquia Gaz SA and Maghreb Oxygene through the multibillion-dollar conglomerate Akwa Group. He is one of Morocco’s wealthiest businessmen and the richest investor on the Casablanca Stock Exchange.
As of press time on Oct. 28, shares in the Casablanca-based group were trading at MAD4,598 ($421.3) per share, 86 basis points lower than their opening price on the local bourse this morning.
At present prices, the group’s market capitalization is valued at MAD15.8 billion ($1.45 billion), while Akhannouch’s indirect stake in the Moroccan conglomerate is valued at MAD4.74 billion ($435.1 million).
