Fipar Holding, a Moroccan private equity firm, is planning to raise 2 billion dirhams ($230 million) in an initial public offering on the Casablanca bourse, Reuters reported Tuesday. Fipar’s assets include a 17% stake in Morocco’s second biggest telecoms operator Medi Telecom, and a 30% stake in the firm managing the country’s biggest port in Tangier, Reuters wrote.
(Reuters) – Moroccan private equity firm Fipar Holding plans to raise around 2 billion dirhams ($230 million) in an initial public share offer this year, which would be the Casablanca bourse’s biggest new share listing since 2008, sources familiar with the matter said on Monday.
Fipar’s main assets include a 17 percent stake in Morocco’s second biggest telecoms operator Medi Telecom, a 30 percent stake in the firm managing the country’s biggest port in Tangier and a 20 percent stake in Lydec, the biggest private utility firm.
“The IPO had initially been scheduled for 2011 but it had to be delayed to 2012,” said one of the sources. “It should be for the amount of 2 billion dirhams which will be used to fund future investment by Fipar,” the person added.
Another source said the IPO may take place before the end of the third quarter. “It will be either during the second or third quarter of this year”, the source said.
An official at the bourse watchdog CDVM was unable to comment or say if Fipar has already applied for the listing.
Fipar is the financial affiliate of state-owned pension fund Caisse de Depot et de Gestion (CDG). “Nothing has been finalised just yet,” said an official at CDG. ($1 = 8.7415 Moroccan dirhams) (Reporting By Souhail Karam; Editing by Greg Mahlich)