Moroccan insurer AFMA aims to raise $18 million in share listing

Moroccan insurance broker AFMA SA plans to raise 180 million dirham ($18 mln) in an initial public share offer, the country's stock market watchdog said on Monday. AFMA is owned by private Moroccan holding company Tenor group, which has subsidiaries in distribution, real estate and media. AFMA's revenues have increased by about 10 percent annually over the last three years and reached 82.8 million dirhams for the first half of 2015, the company's data showed.