Rabat— Bank of Africa is set to increase its share capital by MAD 51.23 million ($5.25 million) through the capitalization of reserves and the free allocation of 5,122,834 new shares, according to a notice published by the Casablanca Stock Exchange.
The transaction, approved by the bank’s Extraordinary General Meeting on June 25, 2026, involves the issuance of new shares with a nominal value of MAD 10 each. The operation will be carried out without any new cash contribution from shareholders, as the additional capital will be funded through the incorporation of existing reserves.
Under the timetable published by the Casablanca Stock Exchange on October 15, the allocation rights will be detached on October 22. The share’s reference price will be adjusted on the same day to reflect the detachment of the rights.
Shareholders will receive one allocation right for every 43 existing shares. The rights will begin trading on October 27 under the ticker ABOAG.
The new shares are scheduled to be delivered on October 28 and admitted to trading on October 29 on the same listing line as Bank of Africa’s existing shares. They will carry dividend rights retroactively from January 1, 2026.
The allocation rights will remain listed until their scheduled delisting on October 27, 2027.
The transaction will increase Bank of Africa’s share capital by converting reserves into equity, strengthening the bank’s capital base without requiring shareholders to inject additional funds.
The capital operation comes as Bank of Africa strengthens its position among Africa’s leading banks. In the 2026 African Business ranking, the Moroccan group climbed two places to ninth among the continent’s 100 largest banks by Tier 1 capital, reaching $3.84 billion (MAD 35.3 billion).
Morocco had three banks in Africa’s top 10, alongside Attijariwafa Bank, which ranked third with $7.68 billion (approximately MAD 70.6 billion), and Banque Centrale Populaire (BCP), which placed sixth with $5.87 billion (approximately MAD 54 billion).
