Morocco’s Capital Markets Authority has officially approved the capital increase plan put forward by TGCC SA, marking a key milestone for one of the country’s leading construction and civil engineering firms. The fundraising operation is expected to bring in approximately 2.2 billion dirhams, with the subscription price set at 725 dirhams per share.
The plan involves issuing over 3 million new shares, each carrying a nominal value of 10 dirhams. Investors will have the opportunity to subscribe from July 14 to July 18, 2025, with the offer closing promptly at 3:30 p.m. on the final day.
TGCC has outlined two main goals for this ambitious move. The first is to fully refinance the debt tied to its recent acquisition of a 60% stake in STAM Group—a deal that also carries an estimated price tag of 2.2 billion dirhams. That purchase was initially funded through a combination of short-term bridge loans and longer-term credit arrangements. The second objective is to increase the company’s free float by broadening its shareholder base, thereby drawing in fresh investors from both institutional circles and the general public.
To provide greater transparency to the financial markets, TGCC’s management has also updated its consolidated financial forecasts. These revised projections include the retroactive integration of STAM Group starting from January 1, 2025, and were developed in close collaboration with STAM’s leadership team. The new financial outlook is designed to give investors a clearer picture of TGCC’s growth potential and financial stability as the company moves into this expanded phase of its development.
