Swedish Shipping Giant Stena Line to Acquire 49% Stake in Morocco’s AML

A little more time and the company Africa Morocco Link (AML) founded in 2016 will no longer belong to Bank Of Africa (51%) and the Greek shipowner Attica Holdings SA (49%). Last week, the Moroccan Transport Company (CTM) bought Bank Of Africa’s stake. This week, the Swedish company Stena Line announces, in a press release, that it has concluded an agreement to acquire the 49% stake in AML held by Attica Holdings S.A and is awaiting approval from the Moroccan Competition Commission. "The agreement concerns Attica Group’s 49% stake in AML, as well as the two ships Morocco Star and Highspeed 3 owned by Attica Group subsidiaries and linked to the specific operation," it is specified. "The total amount is €49M, while the net profit should exceed €21M and will be included in the group’s results once the transaction is completed," Attica group said in a statement.

This acquisition is of crucial importance for Stena Line. "We are always looking to secure new business opportunities that will allow us to last and be resilient in the long term. The Strait of Gibraltar is a strategic location for passengers traveling between Africa and Europe as well as for global trade, and freight volumes in the region are expected to grow in the coming years due to positive industrial growth and international trade in Morocco," said Niclas Mårtensson, its CEO, quoted in the press release. He added: "These routes, their ports and the surrounding industries are under development and should generate healthy freight market growth over the next ten years".

The AML company, headquartered in Tangier, operates a ferry line between Tanger Med and Algeciras. It plans to launch a new high-speed line between Tangier City and Tarifa this summer. The first route is open to freight and travel customers, while the second will be a route for passengers and cars. AML reached a capital of 140 million dirhams in December 2021.