Bank of Africa is planning to raise its share capital by converting reserves into equity, according to documents ahead of its shareholder meeting in June.
The proposal will be put to investors at a mixed general meeting on 25 June 2026 at the bank’s headquarters in Casablanca, with an option to join by video link.
The plan involves a capital increase of 51.2 million dirhams through the creation of more than 5.1 million new shares. These will be issued free of charge to existing shareholders at a rate of one new share for every 43 held.
The shares will be fully paid up by transferring reserves into capital, meaning no new money will be raised from the market.
Under the proposal, each share is valued at 213 dirhams, including a nominal value of 10 dirhams and a share premium of 203 dirhams. This brings the total value of the operation to just over 1.09 billion dirhams.
Shareholders who are not entitled to a whole number of new shares will receive the nearest lower whole number. Remaining rights will be pooled and converted into shares, which will then be sold on the stock exchange. The proceeds will be distributed to those affected.
The meeting will also vote on giving the board of directors authority to set the timetable for the operation with regulators, including Morocco’s capital markets authority and the Casablanca Stock Exchange, and to update the bank’s statutes once the increase is completed.
Shareholders will also review details of a similar operation carried out last year. In 2025, the bank increased its capital by more than 1.07 billion dirhams through the issue of nearly 4.5 million shares, also funded by reserves and distributed free to shareholders.
The latest proposal suggests the bank intends to continue using this method, although it still requires shareholder approval at the June meeting.
