April 6, 2018 / 10:16 AM / 6 months ago

Morocco's Immorente launches Casablanca's first IPO of the year

RABAT, April 6 (Reuters) - Moroccan real estate company Immorente has launched an initial public offering (IPO) to raise 400 million dirhams ($43.32 million), the first in 2018 on the Casablanca stock exchange, bourse regulator AMMC said on Friday.

Through this IPO, Immorente aims to boost its share capital to fund investments and facilitate external funding, the AMMC said in a statement.

Those planned investments include paying back loans, 295 million dirhams for real estate assets and 80 million dirhams to acquire a new unidentified asset in 2019, it said.

$1 = 9.2335 Moroccan dirham Reporting Ahmed El Jechtimi; editing by Ulf Laessing and Jason Neely

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