Mutandis obtained a visa from the Moroccan Capital Markets Authority (AMMC) on November 16, 2018, for an introduction to the Casablanca Stock Exchange. A birthday present for the president of the company Adil Douiri, who has been waiting for the famous sesame since February 2018. Péripéties et stakes.
The operation will be in the form of share transfer and capital increase. Shareholders until then, the group Holmarcom and the Spanish fund Freira, owners of respectively 7.3 and 8% of the capital, yield their bets. At the end of the IPO transaction, the free float will be 70%, a record on the Casablanca Stock Exchange. “It will be the first listed company where the floating is the majority,” ventures an analyst of the place.
Characteristics
In all, 400 million dirhams (40 million euros) will be raised in connection with this listing on the Casablanca Stock Exchange for a total of 2,222,223 shares.
The subscription price is 170 dirhams (DH) for the first 50 natural or legal persons under Moroccan or foreign law within the limit of 198,281 shares and 180 DH per share for the rest.
The subscription period runs from 3 to 7 December 2018 inclusive. Specialized in consumer goods, Mutandis, chaired by the financier and former Minister of Tourism, Adil Douiri, has existed for 10 years.
The company is present in 4 ranges of products, namely, seafood, food bottles, detergents and fruit juices. Part of the production (30% of turnover) is destined for export, particularly in Africa.
Scratch pad
Adil Douiri, one of the actors of the revival of Moroccan finance
Born on November 16, 1963, Adil Douiri is a Moroccan politician and businessman. He is Minister of Tourism from 2002 to 2007 and President of the Alliance of Economists of Istiqlal. In 2008, he created the industrial group Mutandis. A time tried to turn it into a private equity firm specialized in the transfer of companies, Adil Douiri will change course to make Mutandis a company specializing in consumer products.
Before the Mutandis experience, Adil Douiri made his name on the Casablanca financial market by launching CFG Group alongside his partner Amyn Alami. It was at the beginning of the 90’s. Just as he had international experience at the prestigious BNP Paribas where he was in charge of investment management, the young financier will climb the ladder and will stand out as Minister of Finance. Tourism, in setting up the first milestones of the 2010 vision of Tourism. The Mutandis IPO comes as market speculation focused on the introduction of CFG Bank.
