Rabat, August 2, 2011 (MAP) Morocco's Finance Ministry said it has launched a call to bid for an eventual sale of a portion of 7% of the State's stake in Maroc Telecom on Casablanca bourse. The Moroccan government holds a 30% stake in the biggest telecom company, with French Vivendi holding 53%.
The Moroccan government holds a 30% stake in the biggest telecom company, with French Vivendi holding 53%.
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 operation will only take place if the market conditions are set fair and the operation’s goals achieved, to avoid a repeat of last year’s planned 8% stake sale, which was ultimately scrapped.
Maroc Telecom has subsidiaries in Mauritania, Burkina Faso, Gabon and Mali.