“Acdital” increases the “common capital”

On June 24, the Moroccan Capital Market Authority (AMMC) approved the prospectus relating to the increase in the capital allocated to the public in the “Akdital” group (active in the health services sector) by issuing 1,492,537 new shares, for a total transaction amount of 999,999,790 dirhams (including the premium/resignation bonus), with “the cancellation of the subscription right for shareholders”.

According to a statement issued by the Accadital Group, the subscription period was set from 2 to 9 July 2024 at 15:30; While the related memorandum stated that this process is driven by “the size of the company and its development prospects” with the aim of achieving the main objectives related to “raising funds to enhance the group’s presence in 5 major Moroccan cities.” Including Casablanca, Marrakesh, Fez, Tangier and Agadir.”

It also aims to “expand the geographical presence in 7 new cities in Morocco; namely Taza, Berkane, Khemisset, Kelaat Sraghna, Larache, Berrechid and Sefrou,” in addition to “improving the group’s financial structure.”

The objective of this operation is also to “increase Akdital’s free float on the stock exchange and allow institutional investors and the general public to access and/or strengthen their position in the company’s capital.”

CFG Bank has been entrusted with this “capital increase”; while “the new securities will be available from a large investment syndicate consisting of all commercial banks and stock exchange companies on the market.

According to the announcement, “80 percent of the new shares are allocated to major investors and natural and legal persons who will subscribe at least 3 million dirhams.” The securities will be “allocated proportionally according to demand.” As for “the remaining 20 percent for small holders, the first allocation will be made by repetition up to 200 shares per subscriber, and a second allocation will be made by repetition for the surplus, with “the new shares being listed on the stock exchange on July 17, 2024.”

The valuation method used by Akdital is the “volume-weighted average of the company’s share price over the past six months”. While “the fixed price represents a discount of 8.2% compared to the spot price on May 13, 2024 (the date chosen for the valuation) and compared to the weighted average price over one month. This represents “a discount of 5.2% compared to the COP/MOP over 3 months, while it has an additional 7.2% compared to the COP/MOP 6 months”.

It is noteworthy that the “670 dirhams held give a valuation of the company’s private funds of 8.5 billion dirhams, which is “equivalent to 30 times the expected profits in 2024, and 20 times those expected in 2025.”