Moroccan National Investment Company to increase capital

Sources in the Moroccan National Investment Company (NIC

) stated that the company will increase its capital next week through a subscription that will be open to shareholders within the company. The price of the shares will be 475 dirhams ($50).

The sources added that the company occupies the second place in Morocco among the important economic groups after OUNA, which also plans to increase its capital from 990 million dirhams to 1.09 billion dirhams at the beginning of next year.

The sources stated that the subscription will be opened only to establishments who already own shares in the capital of the company. Those establishments are mainly insurance companies and national and foreign banks.

The NIC participated with the US Conrad Metal Box company in setting up a project to produce canned food. It had also bought 20% of the capital of the Sonacid Iron and Steel company which had been put up for privatization and whose value is estimated at 270 million dirhams ($29 million).

The NIC is also part of the financial union which is led by the Spanish Marcil Boson and a number of national insurance companies. This is the third time the NIC has increased its capital since its privatization in 1995.