State-owned Moroccan phosphate producer OCP SA is studying bringing in investors such as sovereign wealth funds as a prelude to an initial public offering within two to three years, according to Bloomberg, citing individuals familiar with the plan.
OCP CEO Mostafa Terrab said in an interview Sept. 15 in London that the state-owned company is ready to consider all possibilities and a share offering isn’t "taboo", although the government has the final say. He said the Moroccan state will always maintain majority control. "Other than that, we are open to all financing options that advance our strategy and protect our shareholders’ interest."
OCP, founded in 1920, is owned 95 percent by the government with the remainder held by local lender Banque Centrale Populaire, is in the middle of a $20 billion-plus expansion program to double mining output and triple fertilizer production. It has spent $4 billion on the 2008-2025 plan so far and is now deploying $2 billion more. The balance will be invested as demand increases, Terrab said.
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