In order to promote market liquidity, the Maroc Telecom group (Itissalat Al-Maghrib) is launching a program to buy back its own shares.
This program, approved at the ordinary general meeting of the company held on April 29, is for a period of 18 months (from May 16, 2022 to November 15, 2023) and sets the maximum number of shares at 1,500,000. to be held, i.e. 0.17% of the capital, according to Notice No. AV-2022-035 of the Casablanca Stock Exchange. The maximum unit purchase price has been set at 185 dirhams and the minimum sale price is 97 dirhams, the same source said.
To reinforce the liquidity of the share, a liquidity contract is backed by this buyback program within the limit of 20%, ie a maximum of 300,000 shares.
The buyback program consists of intervening on the share market by issuing buy and/or sell orders with the aim of promoting the liquidity of the share, we read in a memorandum of information relating to the share buyback program.
Through this program, the issuer does not aim to build up a stock of securities in order to subsequently carry out a financial transaction or an allocation to employees, nor the subsequent cancellation of the securities bought back or the search for a financial result. . nor is it a price support by opposing a strong market trend, according to the same source.
M.B