Morocco's Chaabi Group to float six units on Casablanca stock exchange
2008-04-03
Morocco's Chaabi Group plans to float six additional units on the Casablanca Stock Exchange, the company said on Wednesday (April 2nd). Chairman Miloud Chaabi said the move follows the successful initial public offering (IPO) by Chaabi's chemicals unit SNEP in 2007. "We will follow ... SNEP's IPO because we are happy with the market and our shareholders are seeing the benefits," Reuters quoted Chaabi as saying. He declined to say which branches of the group would appear on the stock market, but analysts suggest it could be the group's real estate arm Chaabi Lil Iskane. The group also operates in construction, agribusiness, tourism, retail and manufacturing sectors. The new shares floated could boost trading on the underdeveloped domestic stock market.
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