FINANCIAL MARKET HEADLINES
| MOROCCO | ARADEI CAPITAL | A capital increase for an amount of MAD 250 Mn
AMMC approved, on May 24th 2024, the prospectus related to the capital increase of Aradei Capital. The main characteristics of the operation are as follows:
- Amount of the operation: MAD 249,999,840;
- Total number of shares to be issued: 520,833 shares;
- Subscription price: MAD 480 per share;
- Unit par value: MAD 100;
- Entitlement date: January 1st 2024;
- Subscription period: from June 3rd 2024 to June 7th 2024 at 3:30 p.m. included.
| MOROCCO | BMCI | DPS 2023 set at MAD 18
BMCI shareholders are convened to the Ordinary General Meeting on June 28th 2024. This decides to set the DPS at MAD 18 for the FY 2023, stable compared to the previous year. Note that the payment date is scheduled from July 15th 2024.
| MOROCCO | CMT | Allocation of FY 2023 profit
CMT shareholders are convened to the Combined General Meeting on June 27th 2024. This decides to allocate the net profit for the FY 2023, which amounts to MAD 162,661,665.69, as follows:
Net income after tax: MAD 162,661,665.69;
Legal reserve: MAD 0.00;
= Balance: MAD 162,661,665.69;
Increased by the previous retained earnings: MAD 123,661,850.20;
= Distributable profit: MAD 286,323,515.89;
Amount to be integrated to the optional reserves: MAD 100,873,980.00;
= Balance to be integrated in the retained earnings account: MAD 185,449,535.89.
| MOROCCO | AFRIC INDUSTRIES | Revenue up 10% in Q1 2024
At the end of March 2024, Afric Industries' revenue stood at MAD 9.8 Mn compared to MAD 8.9 Mn a year earlier, i.e. an increase of 10%.
| MOROCCO | HPS | Acquisition of 100% of CR2 Limited
In a press release, HPS announces the acquisition of CR2, a prominent digital banking and payments software company head-quartered in Dublin, Ireland.
CR2 is expected to contribute materially to HPS's financial performance by delivering new potential revenue opportunities in com-plementary markets. In addition, combining CR2’s digital banking solutions with PowerCARD will enable HPS to strengthen its value proposition with current and new customers. The transaction is expected to be EPS accretive in the first year following completion, reflecting synergies expected to be realised. In the 12 months to June 2023, CR2 generated revenues of € 23.8 Mn.
| MOROCCO | BALIMA | DPS 2023 set at MAD 5,5
Balima shareholders are convened to the Ordinary General Meeting on June 24th 2024. This decides to set the DPS at MAD 5.5 for the FY 2023, stable compared to the previous year. Note that the payment date is scheduled on July 19th 2024.
ECONOMIC HEADLINES
| CONGO | GDP | The government forecasts a growth rate of 5.3% in 2024
The General Directorate of the Economy of Congo forecasts a growth rate of 5.3% in 2024 against 2% in 2023. This would be driven by the expected recovery in oil production (+5.9%) and the good orientation of activities in the non-oil sector (+5%).
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