The Moroccan Authority of the Capital Market has announced to have approved the prospectus relating to the increase in the share capital of the Central Popular Bank by partial optional conversion into shares within the limit of 50% of the dividends relating to the financial year 2020.
The group Central popular Bank (BCP) will proceed to a capital increase by partial optional conversion into shares within the limit of 50% of the dividends relating to the financial year 2020. Thus, the capital increase concerns a total of 3,076,116 shares, announces the Moroccan Capital Market Authority (AMMC) in a press release, while explaining that the global amount of the operation is $90.6 million (809 million MDH). Thus, the issue price is fixed at $29.5 (263 DH) per share and the nominal value is $1.12 (10 DH) per share. The AMMC added that the subscription period is from August 13th to September 13th inclusive.
If you want to read more about the capital increase of the Central Popular Bank of Morocco and to find other important economic news from around the world, download for free our companion app. The Born2Invest mobile app brings you the latest market update so you can stay informed.
Objectives of the operation
According to the prospectus referred to by the AMMC, the main objectives of this operation are to enable the historical shareholders to consolidate their participation in the company’s capital, to favor the reinforcement and the maintenance of the bank’s equity, and by the same occasion, its solvency ratios. This without forgetting the importance of financing the organic development of BCP in Morocco and abroad. It is noted moreover that in accordance with the circular 14/G/2013 of Bank Al-Maghrib, relating to the calculation of the regulatory capital of credit institutions, as amended and completed, the funds collected through the operation will be classified among the core capital. Moreover, the BCP Group explains in its prospectus that this increase in registered capital is reserved to the holders of BCP shares on the eve of the detachment of the dividend (coupon 2020 attached). The detachment date of the 2020 dividend is scheduled for August 9th, 2021.
Thus, the shareholders, wishing to participate in the operation, should hand over to the subscription order-collectors, and this, from August 13th, 2021 to September 13th, 2021 inclusive, a subscription form in conformity with the model put at their disposal. Subscriptions may be revoked at any time up to the end of the subscription period of the capital increase, by exercising the option of partial conversion of the 2020 dividend. Finally, the increase in capital will have no impact on the composition of BCP governance bodies.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in LesEco.ma, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Esperio Partners Review]
This week, we're here to tell you why affiliate marketing is the meaning of life. And no, that's not a...
Binance: Problems with Paysafe and SEPA – Customers Should Exchange Euro for Tether
It is known that Binance has problems with regulators in several European countries, including Germany. But the fact that support...
Qualitime Plans to Reach a Turnover of €11 Million in 2026
At the moment, Qualitime application has 1,800 registered visitors from the main laboratories in the country and about 400 health...
Peruvian Mining Companies Urged to Focus on Redouble ESG Certification Efforts
Experts recently said that the ESG certification of mining companies with operations in Peru will become increasingly important. They also...
Safeguarding Your Business Funds in Periods of Economic Uncertainty
The dust hasn’t yet settled from the 2023 banking crisis, and another closure could very well be right around the...
Crypto1 week ago
The Crisis in the Crypto Market Impacts Ethereum, Cardano, and Bitcoin
Business2 weeks ago
Inflation in Spain Rises Three Tenths in August (2.6%) Driven by Food (10.5%)
Fintech5 days ago
What Is the Role of Fintech Companies in the Payments Ecosystem
Markets2 weeks ago
Rice Closed Higher Last Week in Response to a Week of Solid Export Sales