Gide Casablanca has advised TEKCIM, the project company of group SGTM, on an investment programme exceeding 2.6 billion dirhams (approx. 230 million euros) for the construction of a cement plant in Oulad Ghanem (province of El Jadida, Morocco), with a nominal capacity of 3,600 tonnes of clinker per day, i.e. 1.4 million tonnes of cement per year.
The construction of the cement plant, which will span three years for initial operation expected in 2022, will be headed jointly by Société Générale des Travaux du Maroc (SGTM) and engineering company FLSmidth.
To complete this project, TEKCIM secured a stake acquisition by investment fund Argan Infrastructure Fund (ARIF) in the project company, and bank financing from a consortium including Banque Africaine de Développement (BAD), BMCE Bank of Africa, Banque Centrale Populaire and Société Générale Marocaine de Banques.
This project marks a turning point in the activities of group SGTM, and will help meet the increasing demand for cement both in Morocco and Africa, for increasing needs in accommodation and infrastructure.
Gide's team was led by partner Wacef Bentaibi, with counsel Loris Marghieri and associate Othman Bellouiz on preparing and negotiating the project's documentation and financing, and partner Simon Auquier with counsel Chloé de Larivière on the stake acquired by Argan Infrastructure Fund (ARIF).
The banking consortium was advised by law firm Allen & Overy.