Moroccan tycoon Moncef Belkhayat lines up a string of Casablanca listings for his Dislog empire

Moncef Belkhayat, the Moroccan businessman and former sports minister, is preparing to take a string of companies from his H&S Invest Holding to the Casablanca Stock Exchange, starting with his flagship consumer goods group Dislog, in one of the more ambitious listing programmes the market has seen.

Belkhayat has said the plan runs well beyond a single float. Rather than one initial public offering, he intends to list four or five group entities in sequence, beginning with Dislog Group, followed by its logistics arm, its medical devices business, the parent holding company H&S Invest Holding and potentially its retail arm. He has described an IPO as a necessity now that the group has matured, and targeted the fourth quarter of 2026 for the Dislog listing.

The listings are also about letting backers out. Private equity funds have moved through Dislog's register over the past decade, including Mediterrania Capital Partners, SPF Capital and CDG Invest Growth, and the group more recently brought in the International Finance Corporation, the World Bank's private arm, and the European Bank for Reconstruction and Development. Belkhayat has said those partners need an exit, and that a public listing is the most suitable mechanism.

Reports indicate the group is preparing to float other assets alongside its core business, including the bedding maker Dolidol and the energy company Jet Energy, as part of the same push to raise capital and give investors a route to sell. The full terms and timing of those specific listings could not be independently confirmed.

Belkhayat has been careful to signal that going public will not loosen his grip. He has stressed his attachment to keeping control of the group even after the listings, framing the IPOs as a way to accelerate growth while staying true to what he calls an integrated operator in the economy of everyday life.

The business he built is sprawling. Founded in 2005, Dislog Group has grown into one of Morocco's largest fast-moving consumer goods distributors and manufacturers, carrying hundreds of brands across more than 20 categories and reaching an outlet network of roughly 72,000 shops. It distributes for multinationals including Procter & Gamble, Nestlé, Mars, Kellogg's and British American Tobacco.

Acquisitions have driven much of the expansion. Dislog has bought manufacturing brands such as the cleaning label Sanicroix from Procter & Gamble, pushed into hygiene products, and moved into healthcare, consolidating five Moroccan companies into a medical devices arm in 2025 and building a pharmaceutical cluster of some 20 laboratories. It has also expanded in Europe, acquiring French food distributors including Cultures de France, Carré Suisse and Chef Sam, giving it a European food business with tens of millions of euros in sales.

The group has raised capital repeatedly to fund that growth. In late 2024, the private equity firm SPE Capital committed 450 million dirhams, about $45 million, returning to the register after an earlier stint as a shareholder in the parent holding, in a deal explicitly aimed at preparing the ground for a Casablanca flotation within two to three years. CFG Bank has been appointed to manage the Dislog IPO.

Belkhayat is a well-known figure in Morocco beyond business. He served as the country's minister of youth and sports, and his family is threaded through its entrepreneurial scene. His brother, Ismael Belkhayat, is the co-founder and chief executive of Chari, a business-to-business grocery buying platform that operates across Morocco, Tunisia, Ivory Coast and Senegal.

What the listing programme would do is give one of Morocco's most acquisitive consumer groups a public valuation and a currency for further deals, while deepening a stock market that has been trying to attract larger issuers. The first test comes with Dislog, and on Belkhayat's own timetable, that means a debut on the Casablanca exchange before the end of 2026.