Morocco: Addoha plans debt reduction and opens new cement plant

CEO of Moroccan property developer Addoha, Anas Sefrioui is reported as having denied rumours that he is in any way standing down from his position. He pointed out that his company is the only one which manages to produce 25,000 homes per year. The group wants to reduce its gearing ratio from 80% to 33%, reducing its debt which stood at MAD 9.32bn (€873.94 million/US$930.50 million) at the end of 2014.
April 15, 2015 Read time: 1 min

CEO of Moroccan property developer Addoha, Anas Sefrioui is reported as having denied rumours that he is in any way standing down from his position.

He pointed out that his company is the only one which manages to produce 25,000 homes per year.

The group wants to reduce its gearing ratio from 80% to 33%, reducing its debt which stood at MAD 9.32bn (€873.94 million/US$930.50 million) at the end of 2014.

The debt reduction will be in preparation for “a new phase of serene growth,” after major growth from 2006 to 2012, which incurred major investment.

Sefrioui pointed out that since the company began producing social housing in 1995, it has invested MAD 80 billion and delivered 200,000 social housing units.

Sefrioui also announced the opening of a new cement factory in Mauritania in mid-April 2015.

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