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Risma’s Growth Blueprint: Capital Raise, Dividend Strategy & Cash‑Flow Discipline
Risma is leveraging a rights‑free capital increase to fund a fast‑track expansion that includes the recent purchase of CMG (operator of the Radisson Blu Marrakech) and a new five‑star hotel plot near Tangier Bay. The group highlights its strong operating performance—driven by prime locations, international brands and high occupancy rates—and outlines a clear, tiered dividend policy (6 MAD per share in 2024, 7 MAD in 2025). With a free‑float of about 20 % and disciplined leverage targets, Risma aims to operate 28 hotels by 2030, relying on cash‑flow discipline to fund maintenance, renovation and shareholder payouts while financing major acquisitions through a balanced mix of debt and equity.
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Capital Increase without Preferential Rights
Risma announced a new capital increase aimed at financing its ambitious expansion plan. The raise is made on a rights‑free basis, opening the offer to both institutional and retail investors on the Casablanca Stock Exchange. The proceeds will support recent acquisitions such as CMG, the operator of the Radisson Blu Marrakech, and the purchase of a prime plot near Tangier Bay where a new five‑star hotel will be built.
Drivers of Operational Outperformance
Since the post‑crisis recovery, Risma has consistently posted occupancy rates above the market average. The company attributes this to strategic locations, high‑quality assets, and adherence to international brand standards. Partnerships with global hotel brands and a robust distribution network further reinforce its competitive edge.
Brand Flexibility after Accor’s Exit
With Accor no longer a shareholder, Risma enjoys greater freedom to select hotel brands that best fit each property. This flexibility allows the group to compare brand proposals on service quality and price, optimizing profitability across different market cycles.
Predictable Dividend Policy
Risma aims to give investors clear, pre‑announced dividend payouts even while it is still investing heavily. The company set a tiered dividend schedule, paying 6 MAD per share in 2024 and 7 MAD per share in 2025, signalling a commitment to shareholder returns.
Funding Strategy and Future Capital Needs
With a free‑float of roughly 20 %, Risma is prepared to tap the market again when its leverage reaches the target level set by its growth programme. The group’s goal is to operate 28 hotels by 2030; new equity raises will be considered only if debt ratios stay within a disciplined range.
Long‑Term Message to Investors
Risma offers a rare combination of solid dividend yields and organic growth. The hotel portfolio of 24 assets will be enhanced through both optimisation of existing properties and the acquisition or construction of new ones. Moroccan tourism, which grew from 4 million visitors in the early 2000s to almost 20 million in 2025, provides a strong tailwind.
Cash‑flow discipline is central: operating cash covers maintenance, renovation programmes and dividend payments, while large acquisitions are financed separately through a mix of debt and equity aligned with the company’s target leverage.