On paper, there are only advantages to being listed on the stock exchange. However, companies are still reluctant to take the plunge. The proof, only 76 of them are listed on the market. The management company of the Bourse and its partners strive to convince them of the advantages of this tool to accelerate their development. The caravan made a stopover in the Casablanca-Settat region, which already supplies the largest contingent of listed companies. The pool of candidates is also the largest there, due to its weight in the economy.
Hakim Belmaachi, chairman of the management board of Disway, is a boss satisfied with the course of his company on the stock market. Listed in 2006, the company, at the time Distrisoft, now has a turnover of nearly 2 billion dirhams against 276 million dirhams before the IPO.
“We would not have succeeded without the opening of the capital to private equity funds, the IPO…”, he believes in front of managers of SMEs in the Casablanca-Settat region, during the 4th meeting regional office of the Casablanca Stock Exchange with companies.
“From our introduction, we felt a radical change in the involvement of employees with a change of culture internally. And then, vis-à-vis partners, especially banks and suppliers, our status has changed because a certain credibility is established de facto since we were in a logic of transparency and development which reassures our ecosystem. , he testifies. On paper, there are only advantages to being listed on the stock exchange.
However, companies are still reluctant to take the plunge. The proof, only 76 of them are registered on the market. The stock market, and more broadly the capital markets, represent only a small share in the financing of companies and even more so of SMEs.
The fears related to the costs of the IPO, and the regulatory requirements, particularly in terms of communication, as well as the loss of control of the company, or even vis-à-vis competitors, are not really justified, reassure the bosses of listed companies.
Market access conditions have been significantly eased for SMEs with the development of the alternative market. The various stakeholders on the market have recently approved a drop in introduction costs. Moreover, financing through the Stock Exchange offers more autonomy to managers. At the same time, it forces them to perform better.
“When you have investors who expect performance, you are constantly challenged because you have to be accountable,” says Hakim Belmaachi. The Casablanca Stock Exchange and its partners (AMMC, CRI, etc.) therefore strive to convince companies of the advantages of a listing.
At the very least, if they do not take the plunge, they could draw inspiration from governance practices in particular, advises Tarik Senhaji, managing director of the Stock Exchange.
Franck Fagnon / ECO Inspirations
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