Lydec Turns a New Leaf: Moroccan Company Takes the Reins with New Leadership
Casablanca’s electricity and water distribution company, Lydec, has undergone a significant shift in ownership, marking a new era for the utility provider.
On Wednesday, September 4th, 2024, French company Veolia officially transferred ownership of Lydec to the Casablanca-Settat Regional Multi-service Company (SRM), as announced on the Moroccan Capital Market Authority website. This transition establishes SRM as the majority shareholder in Lydec.
Following the ownership change, an extraordinary general meeting was held to restructure the management team. The former board members tendered their resignations, paving the way for a new board to be appointed. Youssef El Taazi was appointed as the new Chairman of the Board of Directors, assuming his responsibilities immediately.
This transition of ownership from a French multinational to a Moroccan company signifies a potential shift in Lydec’s strategic direction and operational approach. While the exact implications of this change remain to be seen, it reflects a broader trend of nationalization and increased local control over key industries in Morocco.
This move could potentially lead to:
Greater focus on local needs: With a Moroccan company at the helm, Lydec’s priorities may shift to better address the specific needs and challenges of the Casablanca-Settat region.
Increased investment in infrastructure: SRM’s leadership could usher in a new wave of investment in Casablanca’s water and electricity infrastructure, improving service quality and reliability.
* More competitive pricing: As a regional player, SRM may be better positioned to offer competitive pricing for water and electricity services, benefiting both residents and businesses.
The coming months will be crucial in understanding the full impact of this ownership change on Lydec and its stakeholders. However, this transition represents a significant development in Morocco’s utility sector, with potential implications for the country’s economic growth and social development.
