10 September 2010 - Gide Loyrette Nouel advises Ennakl Automobiles on its IPO on the Tunis and Casablanca Stock Exchanges:

The Tunis and Casablanca offices of Gide Loyrette Nouel have advised Ennakl Automobiles, a company governed by Tunisian law and the official distributor in Tunisia of the Volkswagen, Volkswagen Utility, Seat, Audi and Porsche brands, on its dual listing on the Tunis and Casablanca stock exchanges. The offering, which notably aims at reshaping the company’s share capital structure, was open to Tunisian, Moroccan and other institutional investors as well as to the public.

This IPO took place on 13 July and involved the sale of 40% of Ennakl Automobiles share capital, with 30% on the Tunis stock exchange and 10% on the Casablanca bourse.

This simultaneous offering on two stock exchanges in the region is the first one in the Maghreb region and is in keeping with the market development policies pursued by both countries.

The Gide Loyrette Nouel team comprised Kamel Ben Salah, partner, with Anis Jabnoun, associate (Tunis office) and Julien David, partner, and Younes Maleh, associate (Casablanca office).