Despite the low number of IPOs, the market was buoyant: 7,3 billion DH increases capital and 11.4 billion bond. Various motivations: external growth, strengthening of capital, investment financing. The amount of commercial paper issued has doubled compared to 2009
With only two operations IPO, initiated by CNIA Saada and distributor Tunisian automotive ENNAKL and having covered a total of 857 million dirhams, it would not hesitate to call the year 2010 as unsatisfactory, given the expectations of traders and investors this year to end the crisis. Market watchers had expected especially on more than three introductions. But if one takes into account all financing transactions initiated long-term financial market during this year, we see that the picture is not nearly as negative. Indeed, no fewer than eight capital increases were made by listed companies through Casablanca Stock Exchange since the beginning of the year. They raised a total of 7.34 billion dirhams, while in 2009 the funds raised on the stock market did not exceed 2.4 billion dirhams. The dynamic was also put on the market for private debt. On the one hand, the bond issues since the beginning of the year totaled eleven operations which have attracted more than 11 billion dirhams, while in 2009 it was only 9 billion that was raised within eight loans. On the other hand, emissions of treasury bills made in 2010 covering nearly 12 billion DH, against 5.6 billion in 2009 (see box on page II).
can say, given these figures, the financial market Casablanca played better its role as contributor to the financing of the economy in 2010, compared to the same years when the IPO multiplied. We must know that the majority of these transactions is achieved by transfer of existing shares - also offers public and CNIA Saâda ENNAKL did not break the rule - and thus do not contribute to the direct creation of value. By cons, capital increases and bond issues initiated this year have all been intended to finance the development of the enterprises concerned.
can say, given these figures, the financial market Casablanca played better its role as contributor to the financing of the economy in 2010, compared to the same years when the IPO multiplied. We must know that the majority of these transactions is achieved by transfer of existing shares - also offers public and CNIA Saâda ENNAKL did not break the rule - and thus do not contribute to the direct creation of value. By cons, capital increases and bond issues initiated this year have all been intended to finance the development of the enterprises concerned.
DH 3.35 billion of capital increases for banks
Of the eight operations of a capital increase of 2010, four were initiated by banks. By itself, BMCE Bank carried out two capital increases totaling more than 3 billion DH. The first dealt with DH 2.52 billion and had a double objective: to strengthen the Group's own funds to support its strategy of organic growth and acquisitions and allow it to match the new exigeance banking regulations, and strengthen the participation of the Federal Bank of Credit Mutuel (BFCM) in the capital of the bank. Moreover, the subscription for 10 million shares was created exclusively for the French bank. The second operation, through which BMCE raised 500 million dirhams, was also the objective of strengthening the equity, the associate staff of the bank's capital and its results, like the shareholding programs employee initiated in 2003 and 2005.
The other two capital increases of banks have them carried out by BCP and credit of Morocco. The bank issued the horse for 100 million dirhams of new shares under its merger with Banque Populaire de Casablanca. The credit of Morocco for his part made a recapitalization of 231 million dirhams by the optional conversion of dividends for the year 2009 in order to strengthen its capital position and enhance its ability to distribute funds. Apart
banks, four companies from different sectors have made capital increases in 2010. The largest in terms of amount is done by Addoha which included nearly $ 3 billion DH. This fundraiser was intended to finance the acquisition of a land base of 250 hectares in the Greater Casablanca, exclusively for housing 250 000 DH, accelerate the pace of production projects of high standard carried by the subsidiary Prestigious, and reduce the debt ratio of the group that exceeded 1.5 times its equity.
As for other operations, they relate Matel PC Market has increased its capital from 263 million dirhams to absorb its competitor Distrisoft, HPS, which raised 37 million dirhams to finance the acquisition of software company based in France ACPQualife and will Unimer issue for 700 million dirhams The new shares to absorb Vanelli Monaco Morocco.
The other two capital increases of banks have them carried out by BCP and credit of Morocco. The bank issued the horse for 100 million dirhams of new shares under its merger with Banque Populaire de Casablanca. The credit of Morocco for his part made a recapitalization of 231 million dirhams by the optional conversion of dividends for the year 2009 in order to strengthen its capital position and enhance its ability to distribute funds. Apart
banks, four companies from different sectors have made capital increases in 2010. The largest in terms of amount is done by Addoha which included nearly $ 3 billion DH. This fundraiser was intended to finance the acquisition of a land base of 250 hectares in the Greater Casablanca, exclusively for housing 250 000 DH, accelerate the pace of production projects of high standard carried by the subsidiary Prestigious, and reduce the debt ratio of the group that exceeded 1.5 times its equity.
As for other operations, they relate Matel PC Market has increased its capital from 263 million dirhams to absorb its competitor Distrisoft, HPS, which raised 37 million dirhams to finance the acquisition of software company based in France ACPQualife and will Unimer issue for 700 million dirhams The new shares to absorb Vanelli Monaco Morocco.
The convertible bonds, redeemable in shares and subordinated
Keeps respect of bond issues in 2010, it should be noted first that this is not the banks that led the market this year with their usual contingent bond. Indeed, only Attijariwafa bank has made such loans, amounting to 1.2 billion dirhams, in order to finance development projects abroad without altering its regulatory capital (bonds are classified as subordinated additional capital for banks). The ten other borrowings were initiated by non-financial enterprises, including real estate companies listed and some public institutions.
Addoha, CGI and Alliances have all issued bonds this year. The first company raised $ 2 billion DH to repay a bond issue by private placement of 1.5 billion DH in 2009 and contracted refinance a bank loan of 500 million dirhams. A second company, it issued a loan of 1.5 billion dirhams to finance part of its 2010-2013 investment program whose envelope overall $ 23 billion DH. As for alliances, it launched earlier this year a joint loan of one billion dirhams of bonds and other convertible ordinary shares. This money was allocated for 50% of housing to the pole intermediate, 45% in residential and commercial hub, and 5% in the construction division.
Among the public can find ONCF which issued $ 1 billion dirhams of bonds to finance the extra investment services to the port of Tanger-Med and the Taourirt-Nador, and that ONDA raised 2 billion dirhams to finance part its investment over the period 2010-2012 which amounted to nearly 7 billion DH. Lydec was also in part by borrowing $ 1.2 billion dirhams to finance new infrastructure projects and renewal that will require by 2013, 2.5 billion DH.
Other companies conducted bonds are Risma, with the issuance of bonds redeemable in shares for 346 million dirhams, Label'Vie which raised 500 million dirhams for his new store openings, and finally Afriquia Maghreb Gas and Oxygen which borrowers were respectively 600 and 100 million dirhams, mainly to repay the bonds contracted in 2005.
Addoha, CGI and Alliances have all issued bonds this year. The first company raised $ 2 billion DH to repay a bond issue by private placement of 1.5 billion DH in 2009 and contracted refinance a bank loan of 500 million dirhams. A second company, it issued a loan of 1.5 billion dirhams to finance part of its 2010-2013 investment program whose envelope overall $ 23 billion DH. As for alliances, it launched earlier this year a joint loan of one billion dirhams of bonds and other convertible ordinary shares. This money was allocated for 50% of housing to the pole intermediate, 45% in residential and commercial hub, and 5% in the construction division.
Among the public can find ONCF which issued $ 1 billion dirhams of bonds to finance the extra investment services to the port of Tanger-Med and the Taourirt-Nador, and that ONDA raised 2 billion dirhams to finance part its investment over the period 2010-2012 which amounted to nearly 7 billion DH. Lydec was also in part by borrowing $ 1.2 billion dirhams to finance new infrastructure projects and renewal that will require by 2013, 2.5 billion DH.
Other companies conducted bonds are Risma, with the issuance of bonds redeemable in shares for 346 million dirhams, Label'Vie which raised 500 million dirhams for his new store openings, and finally Afriquia Maghreb Gas and Oxygen which borrowers were respectively 600 and 100 million dirhams, mainly to repay the bonds contracted in 2005.
source lavieeco.com
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