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EGM Statement

15th Nov 2010 07:00

RNS Number : 1412W
Banque Marocaine Du Commerce Exteri
12 November 2010
 



 

BMCE BANK PRESS RELEASE

 

 

CAPITAL INCREASE RESERVED FOR BMCE BANK GROUP'S EMPLOYEES OF MAD 1 BILLION IN SEVERAL TRANCHES

 

The Extraordinary General Meeting of Shareholders of BMCE Bank, held on Wednesday, November 10, 2010 at the Bank's Headquarters, approved, after reading the Board of Directors' Report and the Special Report of the Statutory Auditors, the capital increase reserved for the Group's employees for a global amount of MAD 1 billion, issue premium included, to be released in several tranches over the 2010-2012 period.

 

This Employee Ownership program, initiated by the Chairman of the board Othman Benjelloun, is part of the Bank's policy in terms of human capital motivation and development, aiming at strengthening the feeling of belonging to BMCE Bank Group.

 

Similarly to the employee stock programs conducted in 2003 and 2005, this new shares offering shows the will of BMCE Bank to associate its human capital with the benefits of its growth and with the implementation of its ambitious development strategy both in Morocco and abroad.

 

Under a first tranche of MAD 500 million, issue premium included, to be subscribed before the end of the 2010, more than 5,600 employees of BMCE Bank and of fifteen of its subsidiaries will have the opportunity to acquire 2.5 million new shares, that is about 1.5% of the capital, taking advantage of preferential conditions in terms of financing and pricing. In fact a discount was granted in relation to this operation that is (I) 15% with respect to the reference price of MAD 235 relating to the last capital increase reserved to the French banking Group, Credit Mutuel-CIC (II) 16.5% compared to the price-weighted average of MAD 239.4 over the year running through November 10, 2010, and (III) 17.5% compared to the price-weighted average of MAD 242.6 of 9 months.

 

 

Eligible staff members of BMCE Bank Group may exercise their subscription right

to the first tranche of this capital increase, and after the approval of the regulatory authorities.

 

Contact

 

FINANCIAL COMMUNICATION

BMCE BANK

 

TEL: +212-5-22-49-80-03/15

FAX: +212-22-26-49-65

EMAIL: [email protected]

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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