Announced

Managem to acquire Sound Energy Morocco East for $36.5m.

Synopsis

Managem, an international mining group, agreed to acquire Sound Energy Morocco East, a transition energy company, for $36.5m. "Sound Energy Plc chose Managem through a competitive process seeking an investor to finance the project’s development and has found in Managem a reliable long-term partner with the capability to successfully develop and complete the project. This transaction will allow all Moroccan manufacturers to access cleaner and more affordable energy for their industrial operations. Although modest in size, the Tendrara project will positively impact Morocco's energy independence and trade balance. In addition, the Group is actively exploring other natural gas opportunities across Africa, thereby reinforcing its diversification strategy and contributing to the continent’s energy development,” Imad Toumi, Managem CEO.

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