SOMAGEC has raised MAD 500m through a private bond sale to help pay for its investment plan over the next five years.
The company sold the bonds to a small group of qualified investors, including banks, insurance companies, pension funds and investment funds. The deal was not open to the public.
The money will fund SOMAGEC’s 2026-2030 investment programme. It will be used to buy heavy equipment, upgrade technology and provide working capital for new projects.
SOMAGEC is a major civil engineering company that builds ports, breakwaters and other large coastal infrastructure. These projects need large amounts of money before construction begins.
The bond was issued through a private placement. This type of deal is usually faster than a public bond sale because it is offered only to institutional investors. It also gives the company and investors more flexibility to agree on the interest rate, repayment schedule and maturity.
CIH Bank and Saham Bank arranged the transaction, priced the bonds and placed them with investors. CIH Bank also acted as the centralising agent.
Maleh Law Firm, led by Younes Maleh, was the legal adviser. It prepared the legal documents and ensured the deal complied with capital market rules. Hdid & Associés, represented by Mohamed Hdid, was appointed bondholders’ representative to protect investors’ interests and make sure the company meets the terms of the bond.
The MAD 500m bond gives SOMAGEC another source of long-term funding alongside bank loans.
