The company succeeded to raise 458 million dirhams ($45.5 mln) from private equity firms: Morocco's CDG Invest Growth and France's Stoa the same day.
"This capital increase is conducive to issuing an IPO in three years," he said.
"Oncorad plans to spend 3 billion dirhams to increase its facilities to 30 by 2026 from 13 currently," Semlali told Reuters after the signing ceremony.
Morocco's private sector needs to create at least 700 additional private clinics within this decade to improve health offer, notably in underserved regions. Nearly 80% of Moroccan clinics are concentrated in the capital Rabat and the economic hub Casablanca, or 15% of Morocco's territory, he said.
Moroccan hospitals have a shortage of 32,000 doctors and 65,000 nurses and health services are unevenly distributed, leaving many regions as medical deserts, according to the health ministry. Semlali said his group started hiring dozen foreign medics as it also plans to set up its own training facility in the northern city of Nador.
Morocco has increased the public sector's health budget to 28 billion dirhams to improve health services in 2023, up 19%.
"The private sector would help alleviate the burden" on public hospitals, as demand on health services is expected to increase with the expansion of health insurance, he said.
Akdital, another private clinic operator, issued the latest IPO at the Casablanca stock exchange in December 2022. (Reporting by Ahmed Eljechtimi; Editing by David Gregorio)
