Casablanca-listed firm Alliances Développement Immobilier, specialized in the study, conception and implementation of big real estate and tourism projects in Morocco and sub Saharan Africa, warned its investors on March 7, that its net income-group shares, will not reach 232 million dirham it previously said it would reach in the statement it published as it last issued its shares-repayable bond on August 17, 2015.

“Execution of banking protocols toward debt reduction will take place in the most part at the beginning of 2016. Reduction of private debt is ongoing but will yield results only in 2016. The impact of economic struggle that all operators of the sector are facing added to the group’s financial situation led in 2015 to a major slowdown in delivery,” the group said in its statement.

Morocco’s financial market reacted negatively to the announcement and Alliance’s share dropped 8.5% on March 7, 2016, and seems to keep on that trend today also, March 8. Financial details of 2015 fiscal year and progress regarding restructuring plan will be published after the meeting of Board of Directors on March 29, 2016. The same holds for equity injection by major stakeholder, which is to take place before Q2 2016. No date has been provided.

Idriss Linge