Turkish discount retail giant BIM completed the sale of a 35% share in its Morocco affiliate in a transaction valued at $83.2 million, the company informed the Public Disclosure Platform (KAP) Wednesday.
Its statement added that the profit to be generated as a result of the sale was increased from an earlier TL 455 million announced in December to TL 587 million.
The sale of the shares in BIM Stores SARL, which carries out Moroccan activities,was first announced back in December.
The shares were sold to Blue Investment Holding, which is managed by the United Kingdom-based private equity fund Helios Investment Partners, which specializes in investing in African countries.
BIM has been operating for over 12 years in the Maghreb country. BIM Stores SARL was established in 2008 as a 100% subsidiary of BIM. The sale provides strong momentum for BIM’s growth and localization process in Morocco.
Helios Investment Partners, which solely invests in Africa, has made investments in more than 30 African countries since 2004.
BIM has opened 37 new stores in Morocco in 2020 alone and increased the number of stores in the country to 534.