CFG Bank, one of the smallest banks in Morocco, plans to issue an initial public offering at the Casablanca stock exchange.
The decision was made by the bank’s general assembly with the aim to raise 600 million dirhams through a capital increase at the stock exchange.
CFG will issue new shares with a par value of MAD 100 each, at a subscription price (including issue premium) ranging from MAD 500 to MAD 600 per share.
Founded in 1992 by businessmen Adil Douiri and Amyn Alami, CFG Bank operated in the investment banking and private banking segments until 2012, when it was transformed into a universal bank.
The bourse growth has long been undermined by fewer IPOs in recent years. Morocco’s new development model aims at increasing the stock exchange market capitalization from 50 to 70% by 2035.
It also aims to increase the number of listed companies to 300 and attract more foreign investors to represent 25% of all transactions.