Reports reaching us here in Fez indicate that the Moroccan government may be looking to sell a small percentage of its shares in Maroc Telecom, sooner rather than later. The figure being suggested is about360 million Euros (about $450mn).The sale could be handled in the near future by the Casablanca Stock ExchangeThe move comes at a time when there is mood in the government to of a more general privatisation trend and would see the government sell 4 percent of its 34.1 percent ownership. A French group, Vivendi Universal, owns 51 percent of the mobile operator.
Maroc Telecom recorded an 11.6 percent in turnover to €990mn ($1.2bn) for the first half of this year
The information was confirmed by reliable sources in the Ministry. They added that “selling the rest of Morocco's share of Maroc Telecom, of which Vivendi Universal hold 51%, is a fact.” According to the same sources there is a “governmental programme of privatization,” which includes Maroc Telecom. And this “decision does not pose any legal problem.”
A senior official said that “the process of selling is underway, but the bargain will not be concluded before 2007.”
According to an economic analysts, the proclamation of the step so early is due to the government's intention to speed up privatization so as to provide financial resources that can finance the pressing economic reform, especially after the announcement of HM Mohammed VI's Human Development Initiative.
Tags: Morocco Fes, Maghreb news
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