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Morocco's leading holding sells mining affiliate in stock market
Morocco, Business, 6/13/2000
Morocco's leading private holding "Omnium Nord Africain" will sell in the stock market 25% of its mining affiliate "Managem" capital for a value of $ 112 million.
A total of 2,126,930 shares of a nominal value of about 10 dollars (100 DH) will be sold at the Casablanca stock market between June 26-30, said ONA chief executive officer, Mourad Cherif.
ONA says Managem is poised to become one of the first gold producer in the west African region where it is present in 6 countries. The goal is to give more international visibility and raise funds to finance ONA development strategy.
ONA, which was set up in 1919, operates in the sectors of agri-food, banking, chemical products and mining. In 1999, it posted a net profit of $ 257 mln.
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