TAQA's Morocco Unit to Raise $176 million in IPO

Source: Reuters 12/17/2013, Location: Africa

Morocco's Jorf Lasfar Energy Co (JLEC), owned by Abu Dhabi National Energy Co, plans to raise 1.5 billion dirhams in an initial public share offer, banking sources said.

JLEC runs the largest coal-fired power plant in the Middle East and North Africa and is also the first independent power producer (IPP) in Morocco, supplying 38 per cent of the Kingdom's electricity output.

The offering would be the first in Morocco since January 2012 and could help revive Casablanca's stock market, which has suffered from the knock-on effects of the euro zone crisis and a lack of foreign investors.

Casablanca's benchmark MASI index stands barely 1 pct higher than at the start of 2013, while Morocco has been downgraded to "frontier market" status by index provider MSCI, due to a lack of liquidity in the market.

JLEC has hired three Moroccan banks - Attijariwafa bank, the local unit of France's Societe Generale and Banque Centrale Populaire - for an offering expected by December which will involve a 15 percent capital increase, the source said.

Moroccan bourse watchdog CDVM needs to give approval for the issue, which is expected in the next few days. Sources said the company had priced its shares at 340 dirhams apiece.

JLEC is committed to a heavy investment plan for its power plant at Jorf Lasfar near the city of El Jadida on the Atlantic coast of the North African kingdom.

Earlier this year, TAQA sealed a $1.4 billion financing deal with Japanese and Korean banks for its Moroccan subsidiary to increase the plant's capacity by 700 megawatts to 2065 MW.

The expansion of Jorf Lasfar will increase Moroccan power generation capacity by more than 10 percent.

For more information about related Opportunities and Key Players visit North Africa Projects


Canada >>  5/7/2021 - TC Energy Corporation (TRP) (TC Energy or the Company) announced a net loss attributable to common shares for first quarter 2021 of $1.1 billion or $1...
Canada >>  5/7/2021 - Cenovus Energy Inc. (CVE) delivered solid operating and financial performance in the company’s inaugural quarter of operations following the acquisit...

Colombia >>  5/5/2021 - GeoPark Limited (“GeoPark” ) (GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth p...
Norway >>  5/5/2021 - Norwegian Energy Company ASA (“Noreco”) announces the successful closing of its new USD 1.1 billion Reserve Base Lending facility (the “Facility”), re...

Nigeria >>  5/4/2021 - ADM Energy PLC, a natural resources investing company, announces that Osa Okhomina, Chief Executive Officer, purchased 480,446 ordinary shares of 1 p...
Norway >>  5/4/2021 - OKEA's operating income for the first quarter amounted to NOK 524 million, EBITDA was NOK 240 million, and net profit after tax was NOK 23 million. Ea...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.