Green light from the AMMC for the IPO of CFG Ban
By Frontier Africa Reports
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November 23, 2023 at 9:45 AM GMT+1
The Moroccan Capital Market Authority (AMMC) gave its approval on the night of Wednesday, November 22 for the IPO of CFG Bank. The shares will be put on sale at a price of 110 dirhams (DH).
5.4 million shares of CFG Bank will be available to the public from November 30 to December 7 inclusive, at the issue price of 110 DH.
This initial public offering (IPO) of 600 million dirhams (MDH) aims to enable the banking group to strengthen its equity and support the rapid growth of its balance sheet. It also aims to improve the bank's prudential ratios.
CFG Bank also aspires to increase its notoriety and get closer to its partners and the general public, among others.
The group is also seeking to reduce the bank's cost of capital through this operation and to open capital to CFG Bank employees and customers, thus involving them in the future growth of the institution.