In short
- A programme allows a company to buy back and resell its own shares.
- It sets a maximum number of shares, price limits and a period.
- The AMMC approves the information notices for these programmes.
- A programme guarantees no particular share price.
A real example: BCP
According to Boursenews, the AMMC approved the programme of Banque Centrale Populaire on 9 June 2026, subject to the general meeting of 24 June:
| Item | Value |
|---|---|
| Maximum shares held | 10,165,623 |
| Share of capital | 5% |
| Maximum purchase price | 374 DH |
| Minimum sale price | 201 DH |
| Period | From 20 July 2026 to 20 January 2028 |
These limits are a framework. They are neither a price target nor a promise to buy at these prices.
Why a company may do it
- Supporting trading: helping the share’s liquidity, within the set rules.
- Giving shares to employees, in some cases.
- Paying for a deal in shares, in some cases.
- Using available cash.
The precise aim appears in each programme’s document.
A mechanical effect
Made-up example: a profit of 100 million dirhams for 10 million shares gives 10 dirhams per share. If 1 million shares are bought back and cancelled, 9 million shares remain, or about 11.11 dirhams per share, with the same profit.
Careful: this effect assumes the shares are cancelled, and the money used is no longer available for anything else. If the company resells its shares later, the effect is different.
What not to conclude
- A buyback does not prove that a share is undervalued.
- The programme does not require buying the full maximum.
- The AMMC’s approval concerns the information and promises no result.
Frequently asked questions
Where can I see the buybacks carried out?
The company’s documents and the publications of the AMMC and the Stock Exchange give the available information.
Is a buyback like a dividend?
Both use the company’s money, but a dividend is paid to shareholders, while a buyback concerns shares.
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
