The Moroccan Capital Market Authority (AMMC) has announced the approval of a prospectus related to the public sale of shares in Crédit du Maroc owned by Holmarcom Finance Company. This approval, referenced as VI/EM/032/2024, was issued on October 18, 2024.
The total value of the operation exceeds one billion dirhams (MAD 1,032,640,350) for 1,229,577 shares put up for sale. Each share will be offered at a price of 850 dirhams, with a nominal value of 100 dirhams. The subscription period will run from October 28 to November 1, 2024, giving investors a unique opportunity to participate in this significant transaction.
This IPO announcement aligns with a broader strategy by Holmarcom, led by Mohamed Hassan Bensalah, aimed at enhancing Crédit du Maroc’s competitiveness and strategic positioning. The CEO had previously expressed his ambition to position the bank among Morocco’s top financial institutions. This goal is rooted in stronger synergies between the banking and insurance sectors, alongside an international expansion strategy.
The partial sale of Crédit du Maroc shares will allow Holmarcom to finance the bank’s growth needs while retaining a significant stake in its capital. This move underscores the group’s commitment to remaining a key player in Morocco’s financial market, while opening new growth opportunities for Crédit du Maroc. These include deeper integration across its various business segments and expansion into new markets.
With this move, Mohamed Hassan Bensalah and his group reaffirm their long-term strategic vision, aiming to strengthen their presence both in Morocco and internationally. The current five-year plan, set to extend until 2028, could represent a decisive turning point in Crédit du Maroc’s evolution, securing its position among the leading financial institutions in the country.
The technical details of the IPO, along with the now-public subscription conditions, signal the beginning of this new growth phase for the Holmarcom group, further solidifying its leadership in the Moroccan banking sector.
The approved prospectus includes:
- The transaction note;
- The 2023 reference document and the first half of 2024, registered by the AMMC on July 26, 2024, under reference EN/EM/010/2024;
- The first update of the reference document, registered by the AMMC on October 18, 2024, under reference EN/EM/026/2024.
Key details of the operation:
- Total value: 1,032,640,350 MAD
- Maximum number of shares to be sold: 1,229,577 shares
- Subscription price: 850 MAD per share (excluding specific discount)
- Nominal value: 100 MAD per share
- Subscription period: From October 28, 2024, to November 1, 2024, closing at 3:30 PM.
Availability of the prospectus:
The prospectus will be made available:
- At Crédit du Maroc’s headquarters and on its website;
- Through members of the underwriting syndicate;
- On the Casablanca Stock Exchange website;
- On the AMMC website (www.ammc.ma).
This public offering gives investors the opportunity to acquire shares in Crédit du Maroc, as Holmarcom Finance divests part of its holdings in the institution.
