SGTM Introduces Itself on the Casablanca Stock Exchange, Subscription Opens on December 1

Sgtm, a major player in the construction sector, is set to launch its shares on the Casablanca Stock Exchange. The offering will include four types of orders aimed at the general public, with a total amount of 5 billion dirhams. The subscription period will run from December 1 to December 8, inclusive, and will involve the sale of shares held by the Kabbaj family, the historical shareholders of the group. The share prices, after discounts based on the order types, are as follows: - Order Type I (eligible employees and retirees): 340 dirhams, a 19% discount from the introduction price. - Order Type II (individuals and legal entities with no minimum subscription): 380 dirhams. - Order Type III (individuals and legal entities with a minimum subscription of 11,905 shares per account, equivalent to 5 million dirhams): 420 dirhams. - Order Type IV (mutual funds and foreign investors): 420 dirhams. The first listing is scheduled for December 16. Sgtm approaches this operation with a backlog exceeding 37 billion dirhams as of the end of May, and targeted order intake of 15 billion dirhams annually by 2028. The company expects to close 2025 with a revenue of 14.3 billion dirhams, gradually progressing towards nearly 20 billion dirhams by 2031. For the first time, the consolidated result is expected to surpass one billion dirhams this year, with an average annual growth rate (AAGR) of 9.4% until 2031, resulting in annual net margins around 9% during this period. For this introduction, Sgtm has been supported by Attijariwafa bank as the investment bank. Attijari Intermédiation is the lead manager of the placement syndicate, while BMCE Capital Bourse, CFG Bank Capital Markets, Saham Capital Bourse, and Upline Securities serve as co-lead managers. The placement syndicate comprises all banks and brokerage firms in the market. Further developments will follow.