Apr 18, 2011. /Lesprom Network/. Saudi Paper Manufacturing (SPM) should finalise a deal with Moroccan state-owned fund CDG Development by end-July for a majority stake in paper firm Cellulose du Maroc, as Reuters reported. The agreement values Cellulose du Maroc, North Africa's biggest paper pulp manufacturer, at 505-620 million dirhams ($64.6-79.3 million), CDG Development said. CDG Development said it will sell part of its 62.7% stake in Cellulose du Maroc to SPM. Once the transaction is completed, CDG Development will retain a minority stake in Cellulose du Maroc, it said. Arab Investment Company holds a 27.3% stake in Cellulose du Maroc and the remainder belongs to banks and insurance firms. Based in Morocco's western Gharb region, Cellulose du Maroc was created about 60 years ago and has a 125,000 tonnes annual production capacity. It wholly owns Eucaforest, a firm that cultivates eucalyptus forests covering around 24,000 hectares. The Saudi Paper Manufacturing Company is considered one of the leading tissue paper manufacturers in the Arab World.