Buying shares in Managem is about to become much cheaper, at least on paper. Morocco’s biggest mining company has approved a 10-for-1 stock split, cutting the nominal value of each share from 100 dirhams to 10 dirhams. The move will not change the company’s total value or shareholders’ ownership, but it will increase the number of shares in circulation and make the stock more affordable for investors.
The decision was approved at the company’s general meeting in Casablanca on 25 June.
The number of Managem shares will rise from 11.9 million to 118.6 million. Shareholders will receive 10 new shares worth 10 dirhams each for every existing share with a nominal value of 100 dirhams. The company’s share capital will stay the same at 1.186 billion dirhams.
The company has authorised its Chief Executive Officer to complete the process and carry out the required legal formalities.
The decision comes after a record year for the mining group.
Managem reported group net profit of 3.002 billion dirhams for 2025, almost five times higher than a year earlier. Revenue also jumped 55% to 13.694 billion dirhams.
The company said shareholders approved a total dividend of 652.6 million dirhams, equal to 55 dirhams for each pre-split share. The payment was scheduled for 1 July.
The strong results were helped by higher gold prices and higher production.
Managem started commercial production at its Boto gold mine in Senegal during a rise in global gold prices. It also began producing copper from its Tizert project in Morocco, adding to its growing business in metals used in the energy transition.
Before the split, Managem shares were trading close to 17,000 dirhams each. After the split, the share price is expected to fall to about 1,700 dirhams. The company’s market value will remain unchanged.
A lower share price is expected to make the stock easier for individual investors to buy and could increase trading on the Casablanca Stock Exchange.
Shareholders also approved several board changes.
Noufissa Kessar stepped down as a director and became Al Mada’s permanent representative on the Board of Directors. The mandates of SIGER, represented by Karim Khettouch, Bassim Jai Hokimi, Frédéric Tona, Samir Idrissi Oudghiri and ONHYM, represented by Amina Benkhadra, were renewed for six years.
The company also appointed Forvis Mazars as its statutory auditor for three years and renewed the mandate of Fidaroc Grant Thornton for the same period. Attendance fees for the Board of Directors and the Risk and Audit Committee were set at 1.207 million dirhams.
