Morocco’s capital market regulator AMMC gave its approval for the listing of merchant bank CFG Bank on the Casablanca Stock Exchange.
Under this IPO, CFG aspires to raise 600 million dirhams at a price share of 110 dirhams, with the subscription period running from November 30 to December 7.
This marks the first IPO in Casablanca since November 2022 when clinic operator Akdital went public.
CFG Bank is also the first bank to issue an IPO since 2004. Morocco’s three biggest banks are all listed on the stock exchange.
The Bank said this listing would help it consolidate its assets and grow in profitability.
In 2022, CFG Bank had a net banking income of 500 million dirhams, up 25% and a net profit of 54 million dirhams, up 73%.
The stock exchange has launched a charm offensive to encourage more IPOs in line with its goal to increase listed companies to 300 and attract more foreign investors to represent 25% of all transactions.
The goal is part of directives under Morocco’s new development model which also aims at increasing the stock exchange market capitalization from 50% to 70% by 2035.
Source: NAP
