Morocco’s Sole Refiner Seeks $1bn To Restart

The board of directors of Morocco’s Samir – operator of the country’s only refinery – has scheduled an extraordinary shareholders’ meeting on 16 October to vote on a proposed capital increase of MD10bn ($1.04bn). The meeting will take place in Mohammedia, north of Casablanca, site of its 200,000 b/d plant which has been shut since early August.

Samir announced on 14 September that its current capital amounts to MD1.19bn ($123mn) and that the meeting would seek shareholders’ approval of the issue of new shares to a maximum value of MD10bn in cash and/or offsetting debts.

Samir’s main shareholder with 67.27% is Corral Holdings, owned by Saudi businessman Shaikh Muhammad Husain al-‘Amudi who serves as chairman of Samir. Samir shares are also listed on the Casablanca Stock Exchange, but trading has been suspended since 6 August when the refinery halted operations. (CONTINUED - 287 WORDS)