The Moroccan construction company will join the Casablanca Stock Exchange. The opportunity for the capital-investor Mediterrania Capital Partners to recover cash, and for TGCC to continue its expansion south of the Sahara. The decryption of Jeune Afrique.
This is the first and most likely the last operation of 2021 of IPO on the Stock Exchange of the economic capital of Morocco. On November 20, the construction and BTP group Travaux générale de construction de Casablanca (TGCC) announced that it had received the approval of the regulator for an initial public offering (IPO) on the Casablanca Stock Exchange.
The group founded in 1991 and majority owned by entrepreneur Mohamed Bouzoubaâ is number two in the construction sector in the Cherifian kingdom behind the Société Générale des Travaux du Maroc (SGTM), founded by the late Ahmed Kabbaj, who died in January 2021. In 2018, SGTM claimed a turnover of 380 million euros, against 218 million for TGCC, according to data compiled by Young Africa. The group of Mohamed Bouzoubaâ indicates 2.28 billion dirhams of income (206 million euros) in 2020, down 25% compared to the 3 billion recorded in 2019. It should be noted that a project ofSGTM’s IPO, mentioned in 2016, did not work out.
The subscription period for TGCC’s IPO is scheduled from November 29, 2021 to December 3, 2021 inclusive. The share price is fixed at 136 dirhams. This is equivalent to 10 dirhams of nominal value and 126 dirhams of issue premium.