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Summary of Project Information (SPI) |
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| Project number | 7173 |
| Project name | Banque Marocaine du Commerce Exterieur/GDR Issue |
| Country | Morocco |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Banque Marocaine du Commerce Exterieur, S.A. (BMCE) |
| Environmental category | C |
| Date disclosed | May 29, 1996 |
| Status | Completed |
| Previous Events | Invested: April 3, 1996
Signed: March 29, 1996
Approved: March 13, 1996 |
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Summary Of Project Information (SPI)
| Project Name | Morocco-Banque Marocaine du Commerce Extérieur-Global Depositary Receipts (GDR) |
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| Region | North Africa |
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Project No007173
Projected Board DateFebruary 29, 1996
Company NameBanque Marocaine du Commerce Extérieur
Technical Partner and/or Major Shareholders
Nomura Securities will be the joint lead Manager and bookrunner. Three or four managers will be selected to help in the placement.
Project Cost Including proposed IFC investment
Direct equity investment of up to US$3 million, and underwriting of up to 35% of a US$50 million GDR offering for BMCE.
Location of project and Description of site
The GDRs representing BMCE shares will be listed in London or Luxembourg and will be placed with international investors worldwide.
Description of Company and Purpose of Project
The proposed project represents the first GDR offering from Morocco. It involved assisting BMCE, a leading Moroccan commercial bank, in raising up to US$60 million in ordinary share capital through an international equity offering ($50 million base issue, including a $10 million over-allotment option to cover excess demand). The project was approved by IFC on March 13, 1996. The SPI for this project was not released before the transaction took place due to restrictions on disclosure according to SEC Rule 144A (for private placements).
Environmental Category and Issues
This is a category C project according to IFC’s environmental review classification.
| Date SPI sent to PIC | May 29, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365 |
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