Morocco’s capital markets authority (AMMC) has announced, in note published on June 10, the upcoming listing of the public port operator Marsa Maroc by the end of June 2016, in the framework of a partial privatization plan.

The operation, which will be the first IPO on the Casablanca Bourse since the beginning of the year, concerns 40% of the capital of this firm that operates most of the kingdom’s ports except the Tanger Med platform.

The government will sell 29.35 million shares at a reference price of 65 dirham, thus generating a maximum of 1.939 billion dirham (€175 million). Subscription period begins on June 20 and ends on June 30. A probable closing is anticipated starting from June 23.

“This operation aims to institutionalise Marsa Maroc by associating new partners to its capital, boost its presence near institutional investors and the public, and facilitate access to external funding through a direct access to financial markets,” AMMC said in its note.

The Attijariwafa Bank will be leading the listing of Marsa Maroc. However, many other major banks of the country are associated to the operation.