(Ecofin Agency) - Afriquia Gaz and Maghreb Oxygène two companies of the Akwa Group, a Moroccan holding, mobilised 700 million dirhams (US$ 71 million) through two public offerings on the Casablanca financial marketplace. The 7,000 bonds with a nominal value of 100,000 dirhams were over-subscribed on average 1.4 times.

The two operations were done with Banque Centrale Populaire as the investment bank and Upline Securities as advisory. They allowed Afriquia Gaz to raise 600 million dirhams, while Maghreb Oxygène mobilised 100 million dirhams.

At Afriquia Gaz, the shares allocated to tranches A and B are respectively 7% (MAD 42.8 million) and 93% (MAD 557.2 million) of the amount of respective subscriptions. At Maghreb Oxygène, this apportionment is 21% (MAD 21 million) and 79% (MAD 79 million) of the amounts of the respective subscriptions.

The actors of this double bond loan for the Akwa Group already talk of a success which rests in the quality of the two issuers and their successes on the market. It has to be said though that the two stocks have mixed performance profiles on the Casablanca Stock Exchange where they are listed. Afriquia Gaz shows a capital gain of 2.6% since 1^st January 2015 and is performing better than the Masi, the principal stock index of this financial marketplace. But Maghreb Oxygène reports a loss of 39% over the same period.