Rabat - ODM Group, a French healthcare company specialized in cancer treatment, has announced issuing the first bond dedicated to raising funds for Morocco’s private health sector.

After securing approval from Morocco’s stock exchange authorities, AMMC, the ODM Group can now raise up to MAD 80 million ($7.7 million) from institutional investors, the company said in a statement.

ODM’s Chairman and CEO, Mohamed Elmandjra, said that the bond “asserts” ODM’s strong market position. “ODM has always been at the forefront of structuring the private health sector in Morocco,” he added.

Elmandjra went on to note that OMD Group is “the first health group to attract foreign investments and the first group to deliver financial services in compliance with international auditing standards.” 

Issuing the bond would allow the group to raise the necessary funding to push forward with its expansion strategy, paving the way for the opening of more cancer treatment centers in Morocco.

Created in 2014, the ODM Group operates a network of clinics and centers specializing in cancer treatment. The group is partly owned by a French development agency and a consortium of investors.

The group currently manages 13 cancer research centers and treatment facilities across Morocco, including benchmark centers such as the Al-Kindy center, Anoual Radiology, Badr Clinic and Atlas Clinic in Casablanca, the Menara Specialized Clinic in Marrakech, and the AlKindy Oriental Center in Oujda.

Private healthcare providers in Morocco made up 15% of the overall market in 2021, while 85% were operated by state-backed facilities.