Cap Holding secures 68% stake in Forafric Maroc after regulator approval
Morocco’s Cap Holding gains majority control of Forafric Maroc, expanding its footprint in wheat milling and processing.
MOROCCO – Morocco’s Competition Council has approved Cap Holding’s purchase of a 68 percent stake in Forafric Maroc SA giving the industrial group control of one of the country’s major flour producers.
The Moroccan investment group, Cap Holding, began talks for the deal in early March and now moves to close the transaction after the regulator cleared the acquisition reported on April 20 by local media.
The group targets Forafric Maroc, a company that produces wheat flour, semolina, couscous and pasta. Forafric operates in Morocco since 1926 and sells products under MayMouna and Tria brands.
The company runs nine mills with a combined annual milling capacity of 1.1 million tons, according to its 2025 annual report.
Forafric also manages a secondary processing unit with production capacity of about 53,000 tons of pasta and couscous. It also operates two logistics platforms and storage facilities with capacity close to 300,000 tons of grain.
Local reports link the sale decision to financial pressure at its parent group, which carried debt of about 179 million US dollars at the end of June 2025.
Cap Holding already plays a key role in Morocco’s milling sector. The group runs operations across trading, storage, grain processing and logistics through subsidiaries that include Gromic, Ceralog, SNMM, Moony and LMB.
It reports total milling capacity of about 600,000 tons of grain across its network. The Forafric acquisition gives it a stronger position in a market where annual wheat consumption reaches about 10 million tons.
The deal also aligns with wider shifts in Morocco’s grain market. The United States Department of Agriculture projects wheat product exports from Morocco to reach 137,845 tons by the end of the 2025 to 2026 marketing year. This figure marks a 48 percent rise over the 93,042 tons recorded in the 2022 to 2023 period.
Analysts in the sector expect Cap Holding to use the acquisition to increase its reach in both domestic supply and regional trade. The group now gains access to more production lines and larger storage networks that support grain flow across Morocco.
Industry observers also note that demand for wheat products continues to rise across North Africa, which encourages firms to scale capacity and improve logistics efficiency. Cap Holding may also use the expanded asset base to improve export readiness as regional demand grows in nearby markets.
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