Finally a price reference for real estate transactions! This instrument, long awaited by professionals, notaries and taxpayers, concerns Casablanca as well as the two provinces of Nouaceur and Médiouna, while waiting for it to be gradually extended to all of Morocco. Yesterday, Monday January 26 in Rabat, Mohamed Boussaïd, Minister of Finance, was proud of it, describing this framework as a “revolution”, a big step in the simplification, transparency and calming of relations between the General Directorate of Taxes. (DGI) and taxpayers. Precisely, the absence of categorized prices for apartments, villas, houses, land in building and villa areas has always been the cause of disputes and continual adjustments generated by the control of the tax administration.

latest collection of “Recommendations on corporate governance”, the AFG reaffirms the principle “one action, one vote” and the importance of the role of general meetings.
This principle makes it possible to prevent significant but minority holders from being able to assert their positions during the vote on resolutions or take control of the company in a « creeping » manner.
She recalls that the board of directors is a strategic body, whose decisions engage the responsibility of its members and shape the future of the company. The board must act in the interest and on behalf of all shareholders and assure them of its neutrality during a takeover bid.
The AFG wishes to strengthen the powers of the general assembly. It recommends in particular that transfers of assets of a significant and/or strategic nature be submitted to a shareholder vote in advance. She also wants the generalization in 2015 of electronic voting for all companies and for all shareholders.
The board must strengthen its role, ahead of general meetings, in determining the remuneration of executive corporate officers. He must ensure the consistency of the level and evolution of their amount, taking into account in particular the economic situation, competition and the company’s social policy.

According to a recent study, thirty African companies announced an IPO this year, six more than last year. This is the largest number of IPOs by African groups since the 2008 crisis.

2015 promises to be fruitful for African financial centers. A study by the international business law firm Baker & McKenzie estimates that thirty initial public offerings (IPOs) of companies domiciled in Africa are planned for this year, six more than in 2014: this is the highest level reached since the 2008 financial crisis. These IPOs reach a total value of 2.063 billion dollars, or 3% more than last year and 336 million dollars more than all those recorded on the continent from 2011 to 2013.

Johannesburg in a position of strength

The three South African companies that have indicated their intention to go public this year represent 23% of the total value of these IPOs. It is interesting to note, however, that among them, only the investment company Ubuntu Botho Financial Services, owned by South African billionaire Patrice Motsepe, plans to join the Johannesburg Stock Exchange. The South African energy producer Ssafen has chosen to list on the alternative market of the London Stock Exchange (London AIM), while its compatriot Steinhoff International, present in logistics, furniture (Conforama) and distribution, is preparing the listing of its European activities in Frankfurt.