The Moroccan government is looking to sell seven percent of its stake in Maroc Telecom on the country’s stock market, the finance ministry said in a press statement on Wednesday.
The Moroccan government currently holds a 30 percent stake in the biggest telecom company, with France’s Vivendi owning 53 percent.
The ministry said in a statement the call to bid is “aimed at selecting an investment bank that is required to advise it on the best way to maximize the amount of the eventual sale and protect the company’s stock market price after the operation.”
The ministry noted, however, that the sale would only take place if market conditions are fair and the operation’s goals achieved, to avoid a repeat of last year’s planned 8 percent stake sale, which was ultimately scrapped.
Investors are likely to jump on the proposed sale and France’s Vivendi could make a bid to increase its stake in the company, analysts in Rabat told ITNewsAfrica.
“It is a smart move by the government to get this sale going and help the economy get on track. It will only help the country’s economy,” said analyst Ibrahim Mansour via telephone.
Jonathan Terry
