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Capital securities :
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Market
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Main
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Secondary
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Division
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A & B
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E
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F
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A
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C
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Minimum % of securities to be issued to the public
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25% of K if K<5 bn MAD
20% of K if 5<=K<10 bn MAD
15% of K if 10<=K<40 bn MAD
10% of K if K>=40 mdrs MAD
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10% of the share capital at the time of admission.
The Casablanca Stock Exchange may admit a lower percentage, after approval by the AMMC, depending on the market capitalization of the issuer. The reduced percentage may not, however, be less than 5% of the share capital.
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Minimum amount to be issued to the public
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MAD 1. 25 Bn if 5<=K<10 Bn MAD
MAD 2 Bn if 10<=K<40 Bn MAD
MAD 6 Bn if K>=40 Bn MAD
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A minimum amount set by the Casablanca Stock Exchange according to the characteristics of the operation. This amount cannot be less than 100 million dirhams
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MAD 5 Bn
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Audited Fiscal Years
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3
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1*
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3
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1
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1*
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Consolidated accounts (when company has subsidiaries)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Consolidated half-year corporate account
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if planned listing date falls over 9 months of fiscal year-end.
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If planned listing date falls over 9 months of fiscal year-end
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if planned listing date falls over 9 months of fiscal year-end.
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Support agreement with broker/ investment advisor
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Minimum 2 years
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Liquidity agreement
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Minimum 2 years
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Holding period by majority shareholding
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2 years
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* Not applicable to public institutions, companies and corporations referred to in Article 1 of Law 69-00 on State financial control over public companies and other bodies
Debt Securities:
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Market
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Main
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Secondary
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Division
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D
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E
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B
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C
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Minimum total amount of issue
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MAD 100 Bn
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MAD 20 Bn
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Minimum amount per tranche
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MAD 20 Bn
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MAD 10 Bn
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Audited Fiscal Years
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2
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2
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2
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2
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Consolidated accounts (when company has subsidiaries)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Moroccan standards in force, or failing that, international standards (IFRS/IAS)
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Consolidated half-year corporate account
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if planned listing date falls over 9 months of fiscal year-end.
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-
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if planned listing date falls over 9 months of fiscal year-end.
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Minimum maturity of securities
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2 years
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2 years
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2 years
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2 years
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