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Rabat – The Moroccan Capital Market Authority (AMMC) has granted Akdital approval for its ambitious plan to increase its share capital in an effort to attract public investment.
Under reference VI/EM/019/2024, the AMMC endorsed the prospectus for the issuance of 1,492,537 new shares, totaling nearly MAD 1 billion dirhams ( $110 million), including the issue premium.
The capital increase is notable for the removal of shareholders’ preemptive subscription rights, enabling broader public participation.
In a statement, Akdital explains that the subscription window for the new shares is set to open on July 2, 2024, and will close on July 9, 2024, at 3:30 p.m. local time. Shares are priced at MAD 670 Moroccan ( $73) each.
The healthcare group invited interested investors to access the prospectus through various online platforms, which include Akdital’s official website: https://akdital.ma/, the Casablanca Stock Exchange’s website: www.casablanca-bourse.com, and AMMC’s official website: www.ammc.ma.
The statement further details that to ensure comprehensive understanding, summaries of the prospectus will soon be available in both Arabic and English on Akdital’s institutional website and the AMMC website.
Akdital’s decision to increase public share capital is likely the byproduct of the group’s efforts to raise funds for its expansion efforts.
By far the largest private healthcare provider, Akdital operates 22 healthcare facilities in mainly large cities.
The group holds over 15% of the country’s private healthcare infrastructure; their medical service offerings cover all specialties.
The company has an overall bed capacity of 2,392 and employs 1,558 doctors. It went public in 2011, and by 2023 its net income stood at MAD 198 million ($19.9 million).
