Morocco Telecom Prepares a New Stock Buyback Program
The group Maroc Telecom is set to launch a new share buyback program as part of its strategy to enhance the liquidity of its stock in financial markets.
The operation, whose information notice has been approved by the Moroccan Capital Market Authority (AMMC), will be submitted for shareholder approval at the ordinary general assembly scheduled for March 26, 2026.
This program constitutes the 19th buyback mechanism implemented by the operator since 2007, reaffirming its commitment to an active management policy for its shares in the stock markets.
A program potentially reaching 255 million dirhams
The program plans to acquire a maximum of 1.5 million shares, representing approximately 0.17% of the share capital.
The total amount of the operation could reach 255 million dirhams, financed by the group’s own resources.
As of December 31, 2025, Maroc Telecom had available cash exceeding 341 million dirhams, allowing it to support this operation without resorting to external financing.
The program is expected to last for 18 months, from April 10, 2026, to October 9, 2027.
A defined price range for the operations
The buyback operations will be conducted within a price range of 78 dirhams to 170 dirhams per share, excluding transaction fees.
Through this mechanism, the operator will be able to engage in the market via buy and sell orders, helping to improve the liquidity and fluidity of transactions on the stock.
These operations will take place on both stock exchanges where the share is listed:
Casablanca Stock Exchange
Euronext Paris
A program dedicated solely to the liquidity of the stock
The group emphasizes that this program does not aim to accumulate a stock of shares for future financial operations, nor to:
distribute shares to employees;
subsequently cancel the repurchased shares;
or seek a short-term financial result.
The main objective remains to improve the liquidity of the stock for investors.
Establishment of a liquidity contract
The program will be accompanied by a liquidity contract covering a maximum of 300,000 shares, or 20% of the total volume of the program.
This mechanism must adhere to several fundamental principles to guarantee market transparency and balance.
Principle of independence
The person in charge of the liquidity contract must be distinct from the one managing the buyback program, to avoid any coordination or agreement regarding market interventions.
Principle of permanence
The agent must ensure their presence at least 80% of the trading sessions throughout the duration of the program.
Presence on the order book
The agent must maintain an active market presence by placing buy and sell orders, with 1,000 shares to buy and 1,000 shares to sell per trading session.
The spread between the buy and sell price must not exceed 3%.
Principle of non-accumulation
The liquidity contract should not aim to accumulate a stock of shares, but only to promote the fluidity of transactions on the stock.
Recent stock price evolution
Between January 2, 2025, and January 31, 2026, the share price of Maroc Telecom at the Casablanca Stock Exchange fluctuated between:
82.90 dirhams, the lowest closing level recorded on January 2, 2025
126.90 dirhams, the highest closing level reached on September 2, 2025
This evolution illustrates the moderate volatility of the stock, in a context where the liquidity management strategy remains a significant lever to maintain the stock’s attractiveness to investors.
