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4 December 2006 - Gide Loyrette Nouel Casablanca advised Risma (Accor group) on its stock exchange floatation worth a total of around EUR 23 million:
The Gide Loyrette Nouel Casablanca office advised the hotel group, Risma (Accor group) on its listing on the Casablanca Stock Exchange. The total value of the transaction is in the region of EUR 23 million.
The purpose of the Risma stock exchange floatation is to increase the capital of the company which owns and operates the Accor group's hotels in Morocco. This increase in capital is to contribute to the financing of the group's expansion programme, involving the opening of 14 hotels between 2006 and 2009, at an estimated total cost of MAD 1.7 billion, or around EUR 150 million.
Morocco has earmarked tourism as one of its priorities and wishes to achieve an objective of 10 million tourists by 2010. Accordingly, the country is one of the Accor group's strategic development targets in the Africa/Middle East area.
The Gide Loyrette Nouel legal team advising Risma included partner Hicham Naciri, Julien David and Younes Maleh.
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