Moroccan food company Cartier Saada, which exports olives, apricots and citrus fruit mainly to Europe, will launch an initial public offering next month to raise 22.2 million dirhams ($2.6 million), company and bourse officials said. Cartier will offer 120,000 shares priced at 185 dirhams each when it launches the IPO between June 7 and 9, it said.

Cartier, which draws 80 per cent of its turnover from exports to Germany, France and Spain, said it expects its net profit to rise 6.5 per cent next year to 3.8 million dirhams versus a projected profit of 3.2 million this year. The IPO operation will be lead-managed by Finergy and Safa Bourse, two brokerage houses based in Casablanca, the bourse watchdog CDVM said.

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