Mutandis SCA proceeded, on Monday at the Casablanca Stock Exchange, to the presentation of its capital increase operation of 300 million dirhams (MDH), the subscription of which is scheduled from January 31 to February 4, 2022 at 3:30 p.m. inclusive. Approved Friday by the Moroccan Capital Market Authority (AMMC), this operation concerns the issue of 1,250,000 new shares at a price of 240 dirhams, i.e. a price slightly below the average performance recorded by the company these last months.
This capital increase with cancellation of the preferential subscription right, aims to contribute to the financing of the growth of Mutandis via an investment program of 700 MDH, explained the founder and general manager of the industrial group, Adil Douiri, during a press briefing dedicated to the presentation of the operation. This is, according to Mr. Douiri, the construction of 3 new factories for the launch of new product lines and the increase in production capacity (300 MDH) and the acquisition of the American leader in canned sardines high-end, Season (400 MDH).
On a technical level, he specified that the operation is open to all categories of investors and savers, whether individuals, insurance companies and pension funds, UCITS, or even foreign investors. The share sold for 240 dirhams will give the right to a usual dividend of 8.5 dirhams (unchanged for 3 years), i.e. a yield of 3.5% from next July, underlined Adil Douiri, noting that the overall profitability of the share of Mutandis, since its IPO in December 2018, has risen to +54%, i.e. an annual average of 15%. Addressing the outlook, he noted that the year 2022 will allow the integration of Season’s turnover (CA) over a full year, which should offer a net growth in the group’s total turnover compared to 2021, that in the longer term, Mutandis is positioned in the consumer goods sector, which is a relatively recurring and predictable sector.
Mutandis offers a diversity of geographical exposure, meaning that it allows the shareholder to benefit from economic growth in very diverse countries, he said. Mutandis is a Moroccan industrial group specializing in consumer products. It is present in 5 product ranges: detergents, seafood products (mainly canned fish), bottles for food drinks, fruit juices and activities of the Season brand in the United States. The group has 9 factories in Morocco and 3 under construction, employing nearly 3,000 people. Sales of Mutandis products are now made approximately 50% in Morocco, 20% in the USA, 16% in Africa, 10% in Europe and 4% in the rest of the world.