Mohammed Ⅵ to recapitalise his holding company with funds from farmers' mutual insurance group

摘要

With characteristic discretion, Al Mada called its shareholders on 15 May to a general meeting which is to take place on 19 June. The meeting will take the form of a video conference to take account of social distancing. Despite the health and economic crisis, Mohammed VI's personal holding company is expected to distribute dividends for 2019 totalling a little over DH1.25bn, virtually the same amount as last year. Once this formality has been dealt with, two other more important agenda items will be discussed. The first concerns a request for authorisation of a bond issue of up to DH5bn ($505m). The second concerns the creation of a new seat on the board for agricultural mutual insurer MAMDA (Mutuelle Agricole Marocaine d'Assurances). The group, which only has a 3.02% stake in Al Mada, will be represented by its executive board chairman Hicham Belmrah. In his fifties, Belmrah, who used to work for Ernst & Young and has headed the mutual group since 2009, is reputed to be close to Mounir el-Majidi, the king's private secretary and the real manager of his business empire.