Auto Hall has announced a medium and long term funding plan worth 1.1bn Moroccan dirhams to support its growth and modernise its operations.
The plan will happen in two steps. First, the company will raise 500m dirhams by issuing new shares in several stages. Existing shareholders will get priority rights to buy these shares first.
Second, the car dealer plans to issue bonds worth 600m dirhams, also in several stages.
The company said final details, including the timing and size of each stage, will be confirmed later. The plan depends on market conditions and approval from the Moroccan Capital Market Authority.
Auto Hall is a long-established company that distributes passenger cars, commercial vehicles and agricultural equipment in Morocco. It represents brands such as Ford Motor Company, Nissan, Mitsubishi Motors and Mitsubishi Fuso Truck and Bus Corporation. it is expected to invest in digital upgrades and the growing electric vehicle market.
