by Marie Kauna – EMTV Online, Port Moresby
OCP SA (Office Cherifien des Phosphates) is the world’s largest phosphate rock miner, and the second largest producer of phosphate-based fertiliser. The company is based in Morocco and is 95 percent owned by the Moroccan state.
For almost a century, the state-owned company was a monopoly owned by Morocco, a country believed to hold three-quarters of the world’s phosphate reserves, according to the U.S Geological Survey.
With future forecasts of expanding its business operations, the company for the first time has plans forecasted to open its investment doors to overseas investors.
According to CEO and chairman of the company, Mostafa Terrab, the company needs a large-scale restructuring.
As part of its business expansion strategy, Terrab said “The state-owned company is ready to consider all possibilities and a share offering isn’t ‘taboo’ although the government has the final say.”
While the state maintains the majority control of the company, Terrab said “We are open to all financing options that advance our strategy and protect our shareholders interest”.
OCP SA for the first time is now considering foreign shareholders, to bring in investors such as sovereign wealth funds as run-up to an initial public offering within two-three years.