Always seeking capital to satisfy the minimum ratios, needs accentuated by the entry of the new IFRS standards, BMCE Bank Of Africa announces an increase of 1.9 billion dirhams (190 million euros) which will be followed by the entry of a foreign shareholder (British) up to 200 million dollars. In its first part, the transaction will be by a capital increase in two tranches, seeking each time the portfolio of former shareholders.
They will have to give up the dividends of 2018 to participate in the first tranche which will materialize by optional conversion of these dividends into shares, or 900 million dirhams. The dividend distribution being the best sign of vitality of a listed company, shareholders will appreciate.
As for the second tranche, amounting to 1 billion dirhams, it will be via a public offering. Here too, the shareholders will have to deal with dilution effects by consoling themselves with the well-French tradition of preferential subscription rights, to be released in cash at subscription.
But it is clear, with or without DPS, the shareholders of the least capitalized bank of the Moroccan Big Three will now have to resolve to a dilution in terms of voting rights, wealth and future profits because of the entry of this big shareholder who had a time covered the form and aspects of the Saham fund. Upon arrival and according to information, this newcomer would come from the country of perfidious Albion. The British tropism of President Othman Benjelloun is well established.
The octogenarian who presided over the BMCE Bank of Africa’s Board of Directors on March 29, 2019, kicked off the new Strategic Development Plan 2019-2021 with a financing plan more than ever dependent on the “Big shareholder” who arrives.
