Maroc Telecom: buy back of 1.5 million shares

This program, which is expected to last 18 months from May 7, sets the maximum number of shares to acquire at 1.5 million shares, or 0.17 pc of the capital, according to the briefing note, published on the institutional website of the Casablanca Stock Exchange.

The share repurchase program provides a maximum price of 150 dirhams and purchase a minimum price per unit of sale of 80 dirhams, said the source, adding that the total amount allocated to this program should not be more than 225 million dirhams.

Proposed in February by the Management of Itissalat Al-Maghrib and approved by the Supervisory Board, this program has been targeted by the Ethics Board Securities (CDVM) and will be subject to the approval of the General Assembly to be held 24 April 2013, ruling under the quorum and majority requirements.

The repurchase program to regularise the share price generally intervenes in the share market by issuing orders and / or sales with the aim of reducing excessive variations during action. Thus, the program operates mainly when the volatility deviates significantly from its historical volatility.