Royal Air Maroc to Boost Capital by $340 Million with State Support

The capital of the national company increases from 3.62 to 7.02 billion DH, thanks to the injection of 34 million new shares of 100 dirhams par value each, reports Le360. According to the contract, the shareholders must pay at least 1/4 of their par value in cash or by offsetting liquid and payable claims of the subscribers against the company. As for the balance, it should be paid in one or more installments upon call by the board of directors.

The latest report from the Directorate of Public Establishments and Enterprises (DEPP) indicates that "the Hassan II Fund has paid its financial contribution of 1.5 billion dirhams in current account advances. They will be fully capitalized during the company’s capital increase," it is said. The state’s share, at 1.17 billion, will be added to the 700 million DH provided for in the 2020 finance law, it is specified.

During a press briefing held in August, the Kingdom’s Treasurer noted that the injection of 6 billion dirhams will be done at 60%, or 3.6 billion dirhams, in the form of public money injections into the capital (capital increase). The remaining 40%, estimated at 2.4 billion dirhams, will take the form of state-guaranteed loans.