Morocco: Al-Amoudi under pressure to support Samir restructuring

The extent to which the financial crisis that has engulfed Société Marocaine d’Industrie de Raffinage (Samir) can be resolved with the refiner returning to full production and trading on the Bourse de Casablanca under its existing ownership structure will become clearer after an 8 September board meeting. This is expected to call an extraordinary general meeting for 12 October, which will approve a capital increase provided Samir’s ultimate majority owner, Mohammed Hussein Al-Amoudi, is able – and willing – to mobilise the necessary funds.