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Risma succeeded his show ORA

accordance with the circular approved by CDVM October 28 last, by the issuance of NRS Risma ended successfully on December 24.

The issuance of bonds redeemable in shares (NRS) by Risma ended successfully. Thus, in accordance with the circular approved by CDVM October 28, 2010, issue of NRS longer outstanding on December 24. According to a press release from the entity, the operation focused on the maximum amount of 346.2 million dirhams through the issuance of a maximum of 3,462,225 convertible bonds, a rating of 100 dirhams, listed on the Casablanca Stock Exchange. Moreover, after the subscription period, the total amount requested was $ 414.75 million dirhams, 82%, ie 341.1 million dirhams were required as irreducible and 73.61 million dirhams, or 18% subject to reduction. Also the press reports that three major categories of investors that are the Moroccan institutional investors, mutual funds and corporations have shown non-institutional great enthusiasm with a request that covered almost all of the subscription as irreducible. Thus, at the closing of the issue to NRS by Risma, 98% of transaction amount has been subscribed on an irreducible reflecting investors' adherence to the business model developed by Risma for over a decade and actant their willingness to accompany the completion of its ambitious investment plan, the statement said. Furthermore, it should be noted that the transaction was subscribed to 120%. As a reminder, this issue operation ORA has carried out to establish permanent Risma capital to finance part of its investment program over the period 2010-2013. Also, the entity which has in turn table, in addition to Accor, major institutional shareholders, has achieved since 1996, cumulative investment of 3.5 billion dirhams 1 billion of equity while maintaining a lever Financial still below 70%. Thus, convinced of the potential of the tourism sector, the shareholders of Risma considered the development of hotel facilities as the priority of the last decade, the challenge is to reach a critical size to establish itself as market leader. Thus, to achieve critical mass and achieve the ambition of being the first hotel group in the UK, 2.2 billion dirhams have been invested between 2005 and 2009 with the result of significant economies of scale and units flagship high-end in the main cities of the Kingdom. But also, a chain of budget hotels in 12 cities and a 4 star hotel with strong brands positioned in the business segment. It is interesting to note that the analysis of the performance of hotels operating in Morocco shows that the neutral is reached at horizon 4 years for hotels and leisure horizon 1-2 years for business hotels. These horizons will be achieved over the next five years for most of the fleet owned by Risma, promises the release. source aujourdhui.ma