[2008-07-28]  Stokvis of Morocco plans buyback program, stock split
Stokvis Nord Afrique, a Moroccan machinery and equipment distributor, plans to split its stock ten-for-one and buy back shares.

Shareholders will vote Sept. 1 to allow the Casablanca-based company to lower the par value of its shares to 10 dirhams, Stokvis said in a statement in newspaper L’Economiste. No details of the buyback plan were provided.

Stokvis is the third Moroccan company to split its shares after the government this month cut the minimum par value of shares traded in Casablanca to 10 dirhams from 100 dirhams.

Stokvis gained as much as 2.5 percent, or 19 dirhams, and was 12 dirhams higher at 788 dirhams in Casablanca, giving the company a market value of 724 million dirhams ($98 million). The shares have risen 33 percent since the company’s initial public offering in December.
Source: Copyright © 1998-2007 The Tehran Times Daily Newspaper