Finance

Morocco’s BMCE Bank to increase capital by $199 mln

Thursday, 27 June 2019 18:07
Morocco’s BMCE Bank to increase capital by $199 mln

(Ecofin Agency) - BMCE Bank of Africa announced June 26 it has received approval from the Moroccan capital market authority AMMC to increase its capital by MAD1.89 billion ($199 million). The green light was given a week after British development finance agency CDC Group announced it has acquired a near 5% stake in the bank for $200 million.

BMCE will first mobilize a first instalment, including share premium, of MAD897.3 million which will be released exclusively by the full or partial optional conversion of dividends into shares for shareholders. The amount will be raised through the issue of 4.9 million new shares at MAD180 each, split into par value of MAD10 and an issue premium of MAD170 per share.

A second instalment targets MAD1 billion, via a public offering with preferential subscription rights for shareholders. This time, monies will be mobilized through the issue of 5.5 million new shares at MAD180 each. Subscription period is from July 9 to 31.

Let’s note that the capital increase targets four objectives: to enable longstanding shareholders to consolidate stake in the company's capital (if they so wish); to finance the strategic development plan for the period 2019-2021 while supporting the group's growth strategy in Morocco and abroad; to encourage the strengthening of the Bank's equity capital to comply with banking regulatory requirements; and to finance current operations relating to the bank's business.



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.