The growth of the Moroccan economy, its openness and its position as a crossroads between Europe and Africa has very early attracted large foreign companies, especially French and English, c ' is therefore natural that we find the Moroccan capital of major companies listed.
This weight is there a capital advantage or a disadvantage for the Casablanca stock exchange?
The question worth asking in light of the recent development of the Moroccan place and appeal that exercises on overseas given the exceptional performance achieved mainly in the last 2.
A major event this week may provide an early answer to this thorny issue, the announcement of the results of the largest AMI Moroccan society.
Indeed, Morocco Telecom company posted a feat by achieving a net profit up 19.2% to nearly 8 billion dirhams, its majority shareholder Vivendi with its 51% stake in the flagship Morocco has decided to distribute their entirety.
This decision may seem surprising, AMI has no longer any ambition to develop in Morocco in Europe or in Africa?
With such a sum would not it have been wise to use some to seek growth opportunities in West Africa at the time or the competition in the domestic market with the arrival of WANA a third operator which has the means of its ambitious main shareholder ANO? In reality this
generosity of AMI with respect to its shareholders due mainly to the huge requirement of Vivendi, which is engaged in acquisitions in Europe with the acquisition of Nine and internationally with the acquisition Activision by Vivendi Games subsidiary requiring large sums of cash.
Morocco Telecom is not an isolated case, there are many Moroccan companies listed on the Casablanca Stock Exchange with a majority foreign shareholder whose main objective is to put the cash to the parent that she will handle the development International group.
can include cement with MOROCCO Lafarge, Holcim and other CEMENT MOROCCO but also with the bank and Credit BMCI of Morocco that any development abroad through capital increases in the square in Morocco is excluded.
Conversely we can take a large Moroccan companies that have attempted the challenge to engage in international finance itself on the market of Casablanca, for example BMCE or Attijariwafa Bank who funded part of their expansion into Africa and Europe via lines or more recently Addoha bond which has raised more of 2.7 billion dirhams over the place via a capital increase to finance its acquisition of 50% of Fadesa MOROCCO.
So although we must not reduce the holdings of foreign companies with simple juicy investment, because they also bring their management method, a certain rigor and experience, they should not hamper the expansion of the Casablanca stock full of liquidity and just waiting to be leveraged financing of Moroccan firms as long as the solicitation for projects well put together.
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