The Casablanca office of the international law firm Gide Loyrette Nouel advised Compagnie Générale Immobilière (CGI) on its Initial Public Offering of 20% of the company on the Casablanca Stock Exchange. Following the listing CGI will be the second largest quoted real estate company in Morocco, with a forecasted 2007 turnover of 1.2 billion dirham (approx. €107 mln).
The Company is looking to raise between 3 and 3.5 billion dirham (approx. €278 to €318 mln) in the listing, with commencement of trading scheduled for 10 August 2007. The listing will be completed through an increase in capital and through the transfer of shares, in Morocco's largest IPO since the 2004 Morocco Telecom float.
The prospectus relating to the repurchase programme was approved by the Conseil Déontologique des Valeurs Mobilières (Securities Supervisory/Professional Rules of Conduct Commission) on 12 July 2007 and the subscription period spanned from 23-27 July 2007.
The Gide Loyrette Nouel team who assisted CGI on this transaction comprised Hicham Naciri, Partner, Yassir Ghorbal, Partner, and Younes Maleh, Senior Associate.