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CMGP Group, a Moroccan company focused on agriculture and water infrastructure, has been authorized to launch an initial public offering on the Casablanca Stock Exchange, the Moroccan Capital Market Authority (AMMC) said on Friday.
The company, which operates in both Morocco and Africa, plans to raise 1.1 billion dirhams ($110 million) through this offering, reads a statement by AMMC. The company envisions a capital increase and a share sale, with the issuance of 1,500,000 new shares. This offering removes the preferential subscription rights of existing shareholders and includes the sale of 4,000,000 additional shares, AMMC added.
AMMC approved this prospectus, in accordance with Article 5 of Law 44-12 regarding public offerings and required disclosures by entities appealing to public investment, on November 21.
It is worth noting that the subscription period will run from December 2 to December 6, AMMC added.
