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Listing of "Ennakl," a step towards integrating the Maghreb financial markets.

Summary: The listing of shares of Tunisian "Ennakl automobiles" car company Tuesday simultaneously started at Tunis and Casablanca.

The listing of shares of Tunisian "Ennakl automobiles" car company Tuesday simultaneously started at Tunis and Casablanca.

The bells announcing the start of this operation were sounded in Casablanca by Mr. Mohamed Sakher El Materi, President of "Ennakl," together with the General Manager of the Casablanca Stock Exchange, and in Tunis, by the Chairman of the Tunis Stock Exchange.

The stock price for this simultaneous transaction--the first of its kind in the Maghreb at two Maghrebi stock markets--was set at 10.700 Tunisian dinars and 64.22 Moroccan dirhams.

"Ennakl Automobiles" of Princess Holding Group has opened 40% of its capital and has introduced 30% of it at the Tunis Stock Exchange and 10% at the Casablanca Stock Exchange.

As a result, "Ennakl" account today, 49,000 and 9,000 new shareholders, respectively, in Tunisia and Morocco.

The public offering was a resounding success on both platforms. The demand for shares was oversubscribed 23 times in Tunisia, and 10 times in Morocco. The shares of "Ennakl Automobiles" showed at Tuesday session enthusiasm on behalf of investors on both exchanges.

In a news conference held at the Casablanca Stock Exchange, Mr. El Materi said that the success of the first dual listing of a Tunisian company in the Maghreb area reinforces the gains made towards the integration of Maghrebi financial markets.

This success indicates the interest attached by President Zine El Abidine Ben Ali and King Mohamed VI to speeding up the Maghrebi financial integration process as pointed out by a statement released by the two Stock Exchanges.

Mr. El Materi added that this dual listing on the Tunis and Casablanca Stock Exchanges is a first step towards building closer ties and integrating the financial markets in the Maghreb, expressing the hope that Maghrebis will create a regional Stock Exchange.

For its part, the General Manager of the Casablanca Stock Exchange, Mr. Karim Hajji, described as "historic" the introduction of the Tunisian "Ennakl" company into the Casablanca exchange as being the first operation of its kind across the Maghreb.

The stock listing ceremony was attended by the President of "Ennakl" Mr. Mohamed Sakher El Materi and the CEO of Attijariwafa Bank, Mr. Mohamed El Kettani, as well as Mr. Habib Ben Yahia, Secretary General of the Arab Maghreb Union (AMU).

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Publication:UMCI News (Potomac Falls, VA)
Date:Jul 21, 2010
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