Moroccan billionaire-led Bank of Africa to issue investors 5.1 million free shares

Morocco’s Bank of Africa is preparing to issue more than 5.1 million free shares to its investors as part of a MAD51.23 million capital increase funded entirely from the bank’s existing reserves.

• Morocco’s Bank of Africa will issue 5.12 million free shares worth MAD51.23 million, funded from existing reserves.
• Shareholders will receive one free-share allocation right for every 43 shares held, with no new cash contribution required.
• The new shares are scheduled to begin trading on October 29, 2026, with dividend rights dating back to January 1.
• The move increases the bank’s share capital without raising new funds or automatically increasing shareholders’ overall wealth.

The Casablanca-listed lender will issue 5,122,834 shares with a nominal value of MAD10 each. Shareholders will not be required to contribute new cash.

Investors will receive one free-share allocation right for every 43 Bank of Africa shares they hold. The operation was approved at an extraordinary general meeting on June 25, 2026.

Bank of Africa is chaired and led by Othman Benjelloun, one of Morocco’s wealthiest business figures. Forbes Middle East estimated the Benjelloun family’s fortune at $1.7 billion in its 2026 ranking.

What the free shares mean for investors

According to a Casablanca Stock Exchange notice reported by Morocco World News⁠, allocation rights will be detached on October 22, with the reference price of Bank of Africa shares adjusted on the same day.

The rights are scheduled to begin trading on October 27 under the ticker ABOAG. The new shares will be delivered on October 28 and admitted to trading on October 29 alongside Bank of Africa’s existing shares.

They will carry dividend rights retroactively from January 1, 2026.

The transaction converts part of the bank’s accumulated reserves into share capital. It does not bring new cash into the business because investors are not purchasing the shares.

Calling the issue “free shares” also does not mean shareholders receive an instant increase in wealth equal to the shares’ market price. The exchange will adjust Bank of Africa’s reference share price to account for the additional securities.

Eligible investors gain more shares, while their proportional ownership should remain broadly unchanged if the allocation is applied equally.

Benjelloun’s continental banking empire

Benjelloun is chairman and chief executive of Bank of Africa Group, formerly known as BMCE Bank. His wider business interests are held through O Capital Group and include insurance, telecommunications and other investments.

Bank of Africa’s international network gives the share operation significance beyond Morocco. Its banking subsidiaries and affiliates operate across West, Central and East Africa.

The Moroccan parent held an 81.82% interest in the wider BOA Group at the end of June 2026, according to its investor-relations disclosures. The subsidiary network operates in about 20 African countries.

This reach means changes to the Moroccan parent’s capital position matter to a banking group serving businesses and consumers across several African markets.

Why the bank is converting reserves

A capitalisation of reserves moves money from one part of shareholders’ equity into formal share capital. It can strengthen the appearance and permanence of a company’s capital base while increasing the number of shares in circulation.

The MAD51.23 million transaction is worth approximately $5.25 million at the conversion used in the initial report.

The operation increases Bank of Africa’s issued share capital without requiring shareholders to contribute additional cash. Shareholders will hold more shares, while the market price may adjust to reflect the larger share base.