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Rabat- Moulay Hafid Elalamy has sold Saham Group’s health division, Coral Park, to the owner of KMR Holding Pedagogique, businessman Mohamed Kabbaj.
Elalamy, who is Saham’s CEO and minister of industry, trade, and technology, has sold Saham’s second health sector business in the same month to the same corporation.
After selling Saham’s private hospital in Marrakech for MAD 500 million to KMR in mid-August, Elalamy has reportedly sold Saham’s medical division, Coral Park, to Kabbaj. Coral Park sells healthcare equipment and materials.
With Coral Park gone, Saham’s remaining healthcare divisions include Spring Park, Crystal Park, Ivory Park, and Wood Park. Elalamy also ceded 53.37 percent of Saham Finance’s remaining shares, the group’s insurance division, to the South African insurance giant Sanlam for $1.05 billion in March.
Kabbaj, who is the coordinator of the National Rally of Independents (RNI) in the Marrakech-Safi region, owns both the International University of Casablanca (UIC) and the Private University of Marrakech (UPM), in addition to a campus in Dakar, Senegal.
KMR is supported by the Mediterrania Capital Partners, a private equity firm based in Barcelona, Spain. Its stated mission is to offer quality and affordable higher education and to build the largest platform of private higher education in Morocco and francophone Africa.
Mediterrania Capital Partners focuses on growth investments in small and medium sized enterprises (SME) in Africa.
