On Friday, December 6, 2024, Travaux Généraux de Construction de Casablanca (TGCC) convened a key general meeting of its bondholders following its private bond placement earlier this year. The placement, finalized on July 22, 2024, was valued at up to MAD 450 million, marking a significant financial milestone for the company.
The meeting, hosted at the offices of Maître Oussama Fraikech at 157 Boulevard d’Anfa, Casablanca, focused on appointing a permanent representative for bondholders in accordance with Article 300 of Law 17-95 governing public limited companies in Morocco. This critical law outlines the responsibilities and protections necessary for safeguarding the interests of bondholders.
Following deliberations, Maître Oussama Fraikech, representing the esteemed law firm Fraikech Associés, was named the permanent representative of the bondholder group. His appointment underscores TGCC’s commitment to ensuring effective oversight and the rigorous management of its financial operations.
This new role establishes a direct line of accountability and advocacy for bondholders, reinforcing trust between TGCC and its financial stakeholders. With Maître Fraikech now at the helm, bondholders can be assured of diligent representation aligned with legal requirements and best practices.
TGCC’s decision to prioritize its bondholders through this appointment highlights its dedication to transparency and sound governance. The move reflects the company’s ongoing efforts to balance robust financial management with the protection of investor interests.
By taking this proactive step, TGCC not only complies with legal standards but also sets a benchmark for corporate responsibility in Morocco’s construction and finance sectors.
