TUNIS, July 13, 2010 (TAP) - The first stock operations of dual listing of shares of "Ennakl automobiles" car company Tuesday simultaneously started at Tunis and Casablanca (Morocco) Stock Exchanges.
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.
The 12 million-share sale transaction amounts to 128.4 million dinars, 9,000,000 shares of which were introduced in Tunis and 3 million in Casablanca.
The public offering was a resounding success on both platforms. The demand for shares was oversubscribed 22 times in Tunisia, which represents 101 million 88 thousand and 600 shares, and 8 times in Morocco say 24 million shares. The shares of "Ennakl Automobiles" showed at Tuesday session enthusiasm on behalf of investors on both exchanges, with demand reaching 3 million shares at the Tunis Stock Exchange, for offering 7000 shares.
At Casablanca Stock Exchange, the number of shares requested reached 297 thousand against an offer of 40,000 shares. During a videoconference Tuesday in Casablanca, Mr. Mohamed Sakher El Materi, President of Princess Group Holding, the parent company of "Ennakl Automobiles" expressed satisfaction over the successful dual listing of shares of the Company on Tunis and Casablanca Stock Exchanges, focusing on efforts by the various parties involved in this operation.
For his part, Mr. Ferid Kobbi, Chairman of the financial market focused on efforts in Tunisia and Morocco in order to harmonize legislation and adapt to standards, recalling in particular the 2007 agreement between the board of the financial market in Tunisia and the similar structure in Morocco, which prepared the ground for the dual listing of shares. He added that this transaction will open new prospects for Tunisian enterprises to mobilize financial resources on the domestic or international financial markets like the North African and European markets, to make of Tunisia a Regional Finance market as set forth in the relevant chapter of the Presidential Program.
Mr. Mohamed Bichiou, Director General of the Tunis Stock Exchange described the operation as "historic" because it is the first time the Tunis Stock Exchange records the subscription of 49,000 new registered shareholders.
« Ennakl Automobiles » has also recorded 9 000 new registered shareholders in Casablanca.
© Agence Tunis Afrique Presse 2010
