Rabat - Morocco’s Beverage company (SBM) announced today in an official statement that it has no plans to sell one of its subsidiaries operating in Morocco.

Following local news reports indicating that SBM is on the verge of selling its Euro African Waters (EAE), a company managing the Ben Smim water source under the brand “Ain Ifrane,” the company released an official statement on the Casablanca Stock Exchange Authorities denying the news.

SBM, part of French Group Castel beverage company, underscored that it holds 100% of the capital of EAE.

The statement, posted on the Casablanca Stock Exchange Authorities’ website, nevertheless indicates that the group has received interest proposals for its EAE subsidiary.

However, the group asserts that it has not entered into any kind of talks to sell EAE, pointing to the lack of evidence justifying the reports in local news media.

SBM further specified that, contrary to what the local news reported, “glass containers,” and “soft drinks” are not part of its business operations in Morocco. 

The news report published on June 26, which alleged that French Group Castel is putting EAE on the market, stated that the selling of EAE is due to increased competition and the group’s strategy to focus on its production line of alcoholic beverages and “soft drinks” under local brands. The report added that EAE is receiving numerous interest offers. 

SBM has been present in Morocco for over 100 years. The group employs 1500 workers in Morocco and holds a wide range of brands within its portfolio, including Malesan, Roche Mazet, Baron de Lestac, Vieux Papes, and La Villoise wine brands, as well as the cellar maker Nicolas.