Addoha seeks approval for $411 mln bond issues
RABAT, July 14 (Reuters) - Moroccan property firm Addoha (ADH.CS: Quote, Profile, Research) will ask shareholders next month to approve bond issues worth 3 billion dirhams ($410.6 million) over the next five years and a 10-for-1 share split, it said on Monday.
The fast-growing company, a star performer on the small Casablanca stock market in recent years, will propose both measures at shareholder meetings on Aug. 13. It did not say when the bonds could be sold or for what purpose.
Addoha stock has outperformed the broader Casablanca stock market as it rides a boom in leisure, hotel and high-end housing projects and a government-backed drive to eradicate slum housing in the country of 33 million.
The company has carried out a series of capital increases in the past 12 months as it made several land purchases and bought half of Spanish builder Fadesa's FAD.MC Moroccan arm.
Its shares have soared from their initial public offering price of 585 dirhams in June 2006 and were bid at 2,280 dirhams on Monday.
The planned share split would multiply the number of Addoha shares by 10 to 283.5 million and divide their individual nominal value by 10 to 10 dirhams, Addoha said. (Reporting by Tom Pfeiffer; Editing by Paul Bolding)
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