The Moroccan government aims to reduce its stake in Maroc Telecom from 30% to as low as 23%, Reuters reported on Monday.
The article went on to say that bidding for the shares, worth 8.86 billion dirhams ($1.10 billion) based on last Friday’s closing stock price, would begin on 7 September, but a completion date is still unclear.
The sale of the government's holding in Maroc Telecom has been a long time coming. Total Telecom reported way back in 2005 that the Moroccan government wanted to sell its remaining 34% stake in the incumbent operator by the end of 2006, fully completing the privatisation of the company.
Maroc Telecom is controlled by French conglomerate Vivendi, which owns a 53% stake.