Morocco’s healthcare technology sector took a notable step forward this week as T2S Group Holding secured regulatory approval for its listing on the Casablanca Stock Exchange.
The local medtech leader plans to raise the equivalent of US$117 million through its initial public offering. The transaction includes a capital increase of US$37 million and the sale of existing shares valued at approximately US$80 million. Shares are priced at 223 dirhams (US$23.82), with the subscription period running from Jul. 13 to Jul. 17.
Founded in 1992, T2S Group supplies, installs and maintains a wide range of medical equipment in over 20 African countries. Its portfolio covers imaging, oncology, operating theatres, lab diagnostics, nuclear medicine and digital hospital systems.
The company works with more than 40 international manufacturers and offers over 8,000 products in its catalogue. Notable companies T2S supplies medtech equipment for include Siemens Healthineers AG (OTCMKTS: SEMHF) (FRA: SHL) and Carl Zeiss Meditec AG (OTCMKTS: CZMWF) (FRA: AFX).
Public records indicate that T2S Group is the first major medtech firm in Morocco to pursue a listing of this size.
“I think it’s time for us to reach a higher level, God willing,” said Principal CEO Abderraouf Sordo, “which is the level of the Casablanca Stock Exchange.”
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Partnership agreement strengthens foundations for growth
This major development follows a strategic three-way partnership that T2S Group signed with GE Healthcare Technologies Inc (NASDAQ: GEHC) and the Mohammed VI Foundation for Sciences and Health in May. The agreement seeks to advance innovation, training and precision medicine across the Kingdom of Morocco.
Concrete elements include the creation of the Fondation Mohammed VI Innovation Hub — a regional centre for advanced imaging in fields such as cardiology and theranostic oncology, and the introduction of specialised one-stop clinics for prostate and breast cancer. Also, PET imaging for Alzheimer’s.
The partnership brings together T2S Group’s local expertise and operational reach, the Foundation’s academic resources and GE Healthcare’s international technology capabilities. GE Healthcare is another one of the medtech firm’s longest-standing and most important partners. T2S is a key distributor of GE’s medical equipment.
This IPO is expected to provide T2S Group with additional capital and visibility to support its expansion plans in multiple medical segments and across African markets. The listing is expected to not only fuel T2S’s expansion but also signal growing investor confidence in Morocco’s ability to support high-tech health industries, potentially attracting further foreign investment.
Photo credit: T2S Chief Strategy and Transformation Officer Ismail Bouih
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