aprophan received the approval of the AMMC on October 28 for its listing on the Casablanca Stock Exchange, an offering of up to 2.22 billion dirhams.
Subscriptions will be open from November 9 to 17, until 3:30 p.m. on the last day, at a price of 341 dirhams a share. They will be taken at bank branches and at the brokerage firms of the placement syndicate. Once the offering is done, the public will hold 37.64% of the capital and voting rights.
The offer has two parts. A capital increase brings in nearly 1.4 billion dirhams, share premium included. The sale of 2,412,200 existing shares, held by MC IV Pharma and MC IV Morocco, amounts to at most 822.56 million dirhams.
Founded in 1949, the group employs nearly 1,450 people. It runs four production sites, in Casablanca, in Ain El Aouda and in Manno, Switzerland, and sells its medicines in more than fifty countries.
The fresh money is meant to fund industrial development, strengthen the balance sheet and support external growth. Laprophan signed in October the acquisition of Corporate Investment Holding (Polymedic), which remains subject to authorization from the Competition Council.
Photo: AyourAchtouk, CC BY-SA 4.0.
