Chakib Alj files to acquire 68% stake in Forafric Maroc to reshape Morocco’s milling industry
This strategic takeover comes at a pivotal moment for Forafric, which has been grappling with a complex financial restructuring while maintaining its status as a leading player in transforming wheat and producing staple goods like flour, semolina, and couscous.
MOROCCO – Cap Holding SA, the industrial group led by businessman Chakib Alj, has formally filed with Morocco’s Competition Council to acquire a 68% controlling stake in Forafric Maroc SA, a Nasdaq-listed agro-industrial group that specializes in wheat milling and the production of flour, semolina, pasta and couscous, in a move poised to transform the nation’s milling sector.
The notification, confirmed in a recent 6-K filing by Forafric Global PLC, the Nasdaq-listed parent of Forafric Maroc, marks a critical step toward consolidating control over a debt-burdened key player in Morocco’s tightly regulated food supply chain.
The transaction, still pending board approval, antitrust clearance, and other conditions, comes amid Forafric’s struggles with heavy debt exceeding US$179 million and a 45% revenue plunge in early 2025, driven by wheat price volatility and market pressures.
Chakib Alj, president of Morocco’s General Confederation of Enterprises (CGEM) and head of the diversified Cap Holding, which spans milling, poultry, logistics, automotive distribution, and renewables, positions himself as a stabilizing force for the struggling firm.
Known for his methodical expansion since taking over Société Nouvelle des Moulins du Maghreb in 1987, Alj’s Cap Holding employs over 3,500 people and recently acquired Renault’s distribution network in Morocco.
Interested third parties have until March 16 to submit observations to the regulator, and the Competition Council has not yet ruled on the notification. Its approval is required before the transaction can be finalized.
Industry observers view the deal as the biggest shake-up in Morocco’s flour industry in years, potentially enabling scale efficiencies, operational discipline, and better integration amid food security sensitivities.
Forafric Maroc, owner of popular brands like Tria and Maymouna, operates mills in key cities including Meknes and Marrakesh, where Alj has already begun restocking grain ahead of Ramadan to ramp up production.
The proposed takeover raises strategic questions for Forafric’s broader footprint, which extends to sub-Saharan Africa, including Burkina Faso, Mali, and Angola, built during more aggressive expansion phases.
Concurrently, Forafric Global appointed Johann Elbaz, Deputy CEO of Forafric Maroc with 18 years of experience in marketing and strategy, to its board, replacing Paul Packer, signalling alignment with local leadership as the deal advances.
While no deal value or timeline is disclosed, sources describe it as Alj’s most ambitious transaction yet, blending his agri-industrial expertise with governance influence to reshape competitive dynamics, pricing, and employment in a vital sector.
If approved, it could boost Morocco’s milling capacity amid global commodity price swings, though regulatory scrutiny remains high given the political stakes in food pricing and supply.
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