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Economy

Managem Successfully Concludes Capital Increase Amid High Investor Demand

Saturday 20 April 2024 - 12:33

Managem, a leading Moroccan mining company, has announced the successful closure of its recent capital increase through a combination of cash contributions and debt conversions. The operation involved the allocation of 1,873,368 new shares, resulting in a total capital raise of nearly 3 billion Moroccan dirhams (MAD).

This capital increase, which saw an oversubscription rate of 112.4%, garnered significant investor interest, with total subscriptions amounting to MAD 3.37 billion. This represented 2,105,915 shares subscribed at a price of MAD 1,600 per share. The offering attracted a total of 399 subscribers.

Managem's newly issued shares commenced trading on the Casablanca Stock Exchange's main market under the ticker symbol "MNG" on April 17, 2024.

In a statement, Managem's Board of Directors expressed gratitude to all shareholders who demonstrated their confidence in the company by actively participating in the capital increase.

The success of this capital raise underscores Managem's strong growth prospects and its commitment to pursuing strategic initiatives that reinforce its position as a key player in the mining sector. With a bolstered capital base, the company is well-positioned to seize emerging opportunities and create long-term value for its stakeholders.

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