Mr. Mohamed BOUSSAID chairs the signing ceremony of the Memorandum of Understanding for the demutualization of the Casablanca Stock Exchange : 25/11/2015
Mr. Mohammed BOUSSAID, Minister of Economy and Finance, chaired Wednesday, November 25th, 2015 in Casablanca, the signing ceremony of the Memorandum of Understanding on the opening up scheme of the Casablanca Stock Exchange capital.
In a statement to the press, the Minister of Economy and Finance stated that the opening of the c?apital of the Casablanca Stock Exchange, commonly referred to as demutualization intend to change the round table.
"The shareholders of the stock exchange, consisting primarily of securities brokerage companies, through this agreement we will involve all market participants, including banks, insurance, CDG and CFC BY creating a hard and a well-managed core which will be in charge of the Casablanca Stock Exchange company and will also define its strategy to make it a more liquid exchange, more efficient, stronger and more credible, " asserted Mr. BOUSSAID.
The Minister also explained to the media that the distribution, as it is structured today, aims eventually to attract a foreign partner, hence the participation of the CDG through a 25% equity interest, while actually it represents 5% of shares and holds 20% while waiting to select a strategic partner that will bring technology, know-how and that will enable the Casablanca Stock Exchange to be performant at a regional and continental levels.
"A national ambition certainly, throughout the dynamic that the stock exchange should recover at the level of our domestic and continental market, through all the associations and agreements that the stock exchange is expected to sign in the future," stressed the Minister, who added: "For us, this is an important step forward, a turning point and a new beginning for the Casablanca Stock Exchange.
The presence of these shareholders is a guarantee of the success of this new reform. "
The Minister also stated that such change has been defined by HM KING, May God Assist Him, to enable the Kingdom to move to a new level of inclusive growth and open to the African continent as part of the co-development approach and co-emergence of our country.