Following the request of the Ethics Council of the Stocks and Shares Market (CDVM), trading of shares in the Moroccan public limited liability oil and gas company (SAMIR) on the Casablanca Stock Exchange have been suspended this 6 August, «pending the publication of important information», we learn from an official source.

The situation appears to be another notch in the difficulties detected by the market on Wednesday 5 August when the share ended the day 10% down in a volume of 517 850 Moroccan dirhams. The company indicated in a communiqué published by Media24, that it would have delays in the supply of crude oil because of financial difficulties. The same announcement states that certain facilities will be shut down and deliveries of finished products will henceforth depend on available stocks.

Certain analysts are hardly surprised that the company is experiencing difficulties. Well before the record losses in 2014, the company's indebtedness had been its weak point of late. On 1 April 2015, it was partly made up of financing liabilities (debenture loans and other debts) which had slightly decreased but still remained above 9 billion dirhams. On the other hand current liabilities which decreased to 11.8 billion dirhams (13.4 billion dirhams in 2013) are mostly made up of sums owed to suppliers (thus short term credit).

A restructuring plan has been drawn up in May 2015. Among the partners providing backing to the company are the group Banque Centrale Populaire, the Société Internationale Islamique de Financement du Commerce and the private investment group Carlyle which have all agreed to grant financial facilities.

Certain financial analysts, quoted by Moroccan media, see in the current situation the strategy of the group's management to "sensitize" Saudi dignitaries on holidays in Tangier (a Moroccan town). The objective of these manoeuvres would be to obtain financing solutions without totally conforming to the restructuring plan.

On the other hand, this argument of a strategic manoeuvre, almost dilatory, has to be evaluated against the real situation. SAMIR has relinquished around 420.4 million worth of immovable assets (1000 dirhams = 93.5 Euros) in 2014, an initiative which resulted in exceptional revenues of 437 million dirhams during that period, against only 12.17 million dirhams at 2013 year end.