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FINANCIAL NEWS
Morocco’s phosphate producer to raise USD500mn
30 Nov 2016
(MENAFN) Morocco’s Phosphate producer (OCP) aims to issue almost USD500mn of domestic perpetual bonds.
Additionally, the firm has been increasing output to help offset a slide in prices and plans to generate 47mn tons of crude phosphate annually in coming years.
Moreover, it is OCP’s local bond issue since 2011, as the group wants to spread its funding sources, while last year it raised USD1bn in a global bond issue.
The company, which reported a 23 percent drop in H1 profit in Sep due to low prices, aims to invest almost USD20bn over 2008-25.
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