La SAMIR Oil Refiner Stakeholders Should Honor their Commitments
Rabat - Economy and Finance Minister, Mohamed Boussaid, called Tuesday on la SAMIR oil refiner stakeholders to honor their commitments and raise the company's capital to 10 billion dirhams.
Source : https://www.emouaten.com/english/La-SAMIR-Oil-Refi...
"The State, as a creditor, calls the stakeholders to honor their commitments", Boussaid said at MAP weekly forum, held under the theme "Finance Act: What prospects for Moroccan economy in 2016?", stressing that "time of blackmailing is over".
He also noted that La SAMIR's extraordinary general assembly has approved a capital increase of 10 billion dirhams in an effort to end the company's financial difficulties.
Morocco's sole oil refinery said that in order to implement this operation, the executive council will take the necessary steps towards public authorities and the stock market to launch a public offering as soon as possible.
In 2014, SAMIR lost roughly 3.42 billion dirhams due to "significant devaluation of its assets held in stock", while its turnover fell by 49.2 percent in the first half of 2015, amounting to 12.48 billion dirhams.
He also noted that La SAMIR's extraordinary general assembly has approved a capital increase of 10 billion dirhams in an effort to end the company's financial difficulties.
Morocco's sole oil refinery said that in order to implement this operation, the executive council will take the necessary steps towards public authorities and the stock market to launch a public offering as soon as possible.
In 2014, SAMIR lost roughly 3.42 billion dirhams due to "significant devaluation of its assets held in stock", while its turnover fell by 49.2 percent in the first half of 2015, amounting to 12.48 billion dirhams.
Source : https://www.emouaten.com/english/La-SAMIR-Oil-Refi...