Monday, 18 July 2011

Morocco govt to cut Maroc Telecom stake

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.

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