FINANCIAL MARKET HEADLINES
| MOROCCO | ATTIJARIWAFA BANK | Issuance of a subordinated perpetual bond loan worth MAD 2 Bn
AMMC approved, on December 15th 2023, the prospectus related to the issuance by Attijariwafa bank of a subordinated perpetual bond loan with loss absorption and coupon payment cancellation mechanism amounting MAD 2 Bn. The risk premium ranges from 205 BPS to 235 BPS, while the subscription period is scheduled from December 22nd to December 26th 2023 included.
| MOROCCO | AKIDTAL | Press release rated to the Group’s development plan over the period 2024-2025
Akdital’s Board of Directors met, on December 11th 2023, to analyze the budget as well as the development plan over the period 2024-2025. It thus approved the investment budgets relating to the 2024 development projects which provide for the opening of 15 new health establishments, totaling 1,430 beds and allowing the creation of more than 2,900 job positions by 2025. Note that this expansion will allow the Group to expand its geographic footprint to 12 new cities.
Furthermore, the Board of Directors is considering the sale of all its stake in the capital of the company GIMES DA VINCI to the two associated physicians, in a strategic approach aimed at optimizing the Group's portfolio structure.
ECONOMIC HEADLINES
| MOROCCO | TELECOM | Figures in Q3 2023
According to the Telecommunication watchdog ANRT, the global mobile phone base stood at 57.3 million subscribers in Q3 2023, bringing the penetration rate to 154.8% against 149.0% a year earlier. By operator, the number of mobile subscribers reached 19.9 million for Maroc Telecom, i.e. a market share of 34.8%. Medi Telecom's market share stood at 32.9% against 32.4% for Wana Corporate.
As for the fixed line market, the penetration rate settled at 7.5% against 7.1% in Q3 2022. Maroc Telecom has a market share of 65.2%.
Finally, the total number of Internet subscribers stood at 39.5 million, up 8.0%. The Internet penetration rate stood at 106.8% in Q3 2023 against 99.8% a year earlier. In this context, Maroc Telecom holds a market share of 33.8% against 66.2% for the other operators.
| MOROCCO | PUBLIC FINANCE | Figures at the end of November 2023
At the end of November 2023, Treasury ordinary revenue increased by 2.1% to MAD 275.1 Bn. This trend reflects the increase of 4.4% in tax revenue to MAD 235.6 Bn and the decrease of 11.6% in non-tax revenue to MAD 35.9 Bn.
Meanwhile, overall expenses reached 326.5 Bn, up 2.9%, taking into account a 1.3% increase in ordinary expenses to MAD 262.9 Bn and 13.6% increase in investments to MAD 85.3 Bn. Note that the subsidies expenses settled at MAD 27.1 Bn during the same period, down 29.8%.
| CEMAC | MONETARY POLICY | The BEAC kept unchanged its key rates
Following its last monetary policy’s meeting, the Bank of Central African States (BEAC) decided to keep unchanged the interest rate for tenders at 5.00%, the rate of the marginal lending facility at 6.75%, the rate of the deposit facility at 0.00% as well as the minimum reserve coefficients at 7.00% on due on demand and 4.5% on term payable.
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