RABAT, Oct 20 (Reuters) - Moroccan property developer Addoha ADH.CS took control of Spanish construction firm Fadesa's FAD.MC two Moroccan arms after buying additional 50 percent stakes in the two units, Addoha said on Monday.
“With the accord reached with Martinsa-Fadesa on October 15 in Madrid, Douja Promotion Addoha Group has acquired the whole shares of the two important subsidiaries of Fadesa Morocco Group,” it said in a statement.
The two units, Citaf and Optim with high-profile real estate and tourism projects in Morocco, would help Adohha expand its real estate business and boost earnings, it added.
Addoha had already owned 50 percent stakes in Citaf and Optim before acquiring the the remainder of their shares.
It gave no prices for the newly acquired stakes, though it had said on Dec.10 that the first 50 percent stakes deal was worth 1.3 billion Moroccan Dirhams ($157 million).
The company is Morocco’s leading real estate firm as it makes the most of a government-backed social housing drive and a boom in leisure, hotel and high-end housing projects.
“This new investment strengthens substantially Addoha’s market leadership.... It also allows it to satisfy the strong demand it is receiving in all market segments,” Addoha said.
Addoha’s stock gained more than 3.0 percent at 153 dirhams in early trading on the Casablanca bourse on Monday. (Reporting by Lamine Ghanmi; Editing by Jon Loades-Carter)
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