Moroccan Investor Acquires Afia Cooking Oil Brand Amid Rising Production Costs
"Savola Morocco SA", manufacturer of the Afia cooking oil brand and a subsidiary of the eponymous Saudi group, is now part of the portfolio of the Moroccan Zine Capital Invest SA. Through this acquisition, subject to obtaining the authorization of the Competition Council, the group is diversifying its activities in Morocco.
Specialized in the refining and marketing of cooking oils, Savola Morocco SA has been established in Morocco since 2004 and controls 10% of the national cooking oil market, reports the weekly Challenge.
This operation was precipitated by the rise in production costs, caused by the surge in raw material prices (corn, soy and palm), which are 98% imported in Morocco, leading to the rise in cooking oil prices.
Operating until now in several fields, including tea, sugar, pasta, couscous, fertilizers, cereal cultivation, livestock feed, baby diapers, distribution, logistics, real estate... Noureddine Zine, the CEO and founder of Zine Capital Invest, has decided to add this related activity to his production division, it is noted.
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