Afriquia Gaz, a leading energy company with a capital of 343,750,000 dirhams, has invited its shareholders to an Ordinary General Meeting (OGM) scheduled for January 6, 2025, at 10:00 a.m. The meeting will be held at Akwa Group’s headquarters in the Tafraouti building, Aïn Sebâa, Casablanca. The primary agenda item is the approval of a significant bond issuance program to fuel the company’s development ambitions.
A landmark bond issuance plan
The centerpiece of the meeting is a proposal to authorize a bond issuance totaling 600 million dirhams. The bonds will be issued through private placements over a five-year period in one or more tranches. This initiative is designed to diversify Afriquia Gaz’s funding sources, support its growth objectives, and strengthen its financial framework.
Shareholders will also be asked to delegate the necessary authority to the Board of Directors to oversee the bond issuance process, including defining the terms and conditions for each tranche. This flexibility is key to optimizing the management of the company’s financial resources.
Key resolutions for shareholder approval
Three critical resolutions will be presented for a vote at the OGM:
- Approval of the bond issuance program
Authorization to issue bonds totaling 600 million dirhams, with a cap on issuance amounts based on actual subscriptions received. - Delegation of authority to the board of directors
Empowering the Board to manage the issuance process, define terms, oversee subscriptions, and handle all required formalities. - Legal formalities
Authorization for an appointed representative to complete necessary filings and legal procedures based on an extract of the meeting minutes.
Shareholder participation: Guidelines and procedures
Afriquia Gaz has outlined clear procedures to ensure shareholder participation:
- Bearer shares: Holders must present proof of account registration from an authorized financial intermediary.
- Registered shares: These must be properly recorded in advance of the meeting.
- Proposing resolutions: Shareholders meeting the requirements of Law 17-95 may request additional resolutions be added to the agenda within 10 days of the meeting announcement.
To facilitate participation, Afriquia Gaz has made proxy voting and correspondence voting forms, along with other relevant documents, available on its official website: www.afriquiagaz.com.
Advancing growth with transparency and inclusivity
This bond issuance program underscores Afriquia Gaz’s commitment to mobilizing the resources needed to sustain its growth trajectory while enhancing governance and financial stability.
The decisions made at this meeting will mark a critical milestone in the company’s evolution, emphasizing shareholder inclusivity and transparency. Afriquia Gaz continues to solidify its position as a key player in Morocco’s energy sector, laying the groundwork for a sustainable and prosperous future.
