- Marsa Maroc Set for Morocco's first-ever Privatization by IPO
- Country's first IPO of the year set to raise up to 1.94 billion dirhams (USD220 million)
17 June 2016, Casablanca – Morocco is set to sell 40 percent of the country's largest port operator in a milestone IPO for the country. Advised by a Baker & McKenzie team led by Casablanca managing partner Kamal Nasrollah, the funds will be used for ambitious expansion as Marsa Maroc plans to bid for two other terminals at Casablanca Port and looks for opportunities elsewhere in North and West Africa.
"It's hard to underestimate the importance of this IPO." said Mr Nasrollah. "Planned expansion funded by the IPO would put the Tanger Med Facility on a par with Durban, South Africa, as the biggest port on the continent. Acting as issuer's counsel has been both an honor and a window into our country's huge ambition to definitively become the logistics hub for the whole of North and West Africa."
Marsa Maroc is the national leader in the management of port terminals in Morocco, providing port logistics services within its concession area. Emerging as a hub for the logistics sector in Africa, Morocco now ranks 16th worldwide in maritime connectivity and 30th in terms of cross-border trade. Since its creation in December 2006, Marsa Maroc has been committed to a development process in line with this momentum characterizing the sector.
The listing of the Marsa Morocco shares at the Casablanca Stock Exchange will take place between 20th - 30th June, with the possibility of an early closing on 23 June. At a share price of 65 dirhams, the maximum amount of the transaction could be as much as 1.94 billion dirhams (USD220 million).
The Baker & McKenzie team was led by partner Kamal Nasrollah with assistance from partner François-Xavier Naime, and associates Keltoum Boudribila, Leila Kettani, Rania Chawad and Giuliano Lastrucci. Attijari Finances (a subsidiary of Attijariwafa Bank) acted as financial advisor. The Placement Syndicate comprises all major Moroccan banks.