BCP Bank and OCP Increase Capital, Swap Shares

The Moroccan phosphate and fertilizer giant relinquished 5.88% of its capital to Banque Centrale Populaire (BCP), in exchange for a 6.62% equity participation in that bank.

The share swap was officially formalized on January 12, 2009, an event qualified by finance minister Salah-Eddine Mezouar as historic and unprecedented. The values in this transaction are the equivalent of MAD 5 billion spent by BCP and MAD 1 billion spent by OCP, money which will be captured by the Moroccan treasury since the two companies are state owned. Continue here.