Mohammedia – La Societe Generale des Travaux du Maroc (SGTM), one of the country’s most emblematic construction and infrastructure groups, has taken a decisive step toward opening its capital to the public after securing the official visa of the Moroccan Capital Market Authority (AMMC).
The authorization — visa No. VI/EM/037/2025 dated 17 November 2025 — clears the way for the company’s highly anticipated introduction on the Casablanca Stock Exchange through a sale of existing shares.
Under the operation, SGTM will float 20% of its capital, representing a maximum transaction value of MAD 5.04 billion.
The group says this move aligns with its long-term strategy of expansion, openness, and consolidation, while giving the market access to one of Morocco’s most influential players in construction and strategic infrastructure.
Founded in 1972, SGTM is a 100% Moroccan, independent, family-owned group that has spent over half a century helping shape the country’s physical and economic landscape.
With more than 1,000 flagship projects completed across key sectors, including transport, energy and water, health, industry, education, and culture, the company has long positioned itself as a backbone of national development.
Today, SGTM employs over 21,000 people, operates 2,500 pieces of machinery, and maintains a large, diversified portfolio of ongoing contracts.
The group is also active in six African countries, including Senegal, Côte d’Ivoire, and Burkina Faso, echoing Morocco’s broader continental ambition.
The IPO is intended to deepen SGTM’s institutional foundations by opening its capital to new partners, strengthening governance, boosting transparency, and expanding its regional visibility.
It also aims to support long-term growth by improving access to financial markets. Importantly, SGTM plans to involve its employees more directly in the company’s evolution, allowing them to share in the value they help create.
The AMMC-approved prospectus includes the operation note as well as SGTM’s 2024 reference document and first-half 2025 financial disclosures.
Subscriptions will run from December 1 to 8 2025, at 3:30 pm (GMT+1). The introduction price is set at MAD 380 for order type II and MAD 420 for order types III and IV.
Shares will be available through all banks and brokerage firms participating in the placement syndicate. The prospectus is accessible free of charge via the websites of the AMMC, the Casablanca Stock Exchange, and SGTM.
Attijari Finances Corp. is acting as the financial advisor and global coordinator for the offering.
