Maroc Telecom: the IPO to boost the stock market



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per Rachid Al Arbi the 06/19/2019 at 22:52

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Kiosque360. The sale of 8% of the capital of Maroc Telecom will boost a stock market in hibernation. Registration is open from June 26 to July 25.

The sale of 8% of the capital of Maroc Telecom via the Stock Exchange should revitalize the stock market. That's what's convinced. The Economist. In its edition of the day, the newspaper guarantees that the 52,745,700 shares went through the block market and 17,581,900 shares passed through the central market to the public (70,327,600 shares in total) represent "unexpected unexpected for the Stock Exchange of Casablanca ". The operation will bring more than 8.8 billion dirhams to the Treasury, based on the average price of 126.3 dirhams.

The diary reminds us that the subscription period will be from June 26 to July 25. Four types of order are proposed to the public. First, the part reserved for Maroc Telecom employees. The second type of request is dedicated to individuals and legal entities outside the institutional sector, representing 10% of total shares. The third type of order will be allocated to equity and diversified UCITS under Moroccan law. A limit of 10% of the total number of shares offered has been set for the UCITS. "For diversified UCITS, subscription is limited to the lower of the 2 thresholds: 5% of the total number of shares offered in the context of the transaction, ie 879,095 shares or 10% of the net assets of the relevant UCITS. before the opening of the subscription period, "the diary writes. The fourth and last type of application is reserved for so-called qualified investors (State, BAM, international financial organizations …), with 10% of the total shares offered for sale.

The Economist also provides stock prices by order type. Thus, the price for Type I shares was set at 117.7 dirhams, while the other types were priced at 125.3 dirhams. The valuation method used is the weighted average closing price. "This allows for a tranche I to be priced 15.5% lower than the price of the last share (price on 05/29/2019) and for tranches II to IV, a sale price 10% lower than the last stock price. "

The newspaper reports that the PER calculated on the basis of the group's net profit share is 17.2 for Type I applications and 18.3 for Type II to IV applications. After the operation, the state will only have 22% of the capital.

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