By Larbi Arbaoui
By Larbi Arbaoui
Morocco World News
Taroudant, Morocco, April 25, 2012
The current financial status of the company, SOREAD 2M, is a cause for concern, stressed Mr. Mustafa Elkhalfi, Minister of Communication and government spokesman. This highlights the fact that the company’s capital, which was equal to 302 million MADs, dropped to 21.7 million MADs, now recording a decline estimated at 93 percent.
Mr. Elkhalfi added, in response to a question on the financial situation of SOREAD 2M made by the group of the ruling party, Justice and Development, in the House of Representatives, that the company’s debt is estimated at 229 million MADs for the financiers, and 144 million MADs for the treasury of the company’s financial liquidity.
The Minister stated that the Government would take necessary measures geared towards to rehabilitate the public company in order to overcome this situation.
The most important point of all is to propose the increase of the capital of the institution on the General Assembly of shareholders in SOREAD 2M and the programmed financial resources will be accounted in the program within the State’s share in the capital of the company – inviting the rest of the shareholders to take similar initiatives in the same direction, added Mr. Elkhalfi.
He explained that this procedure, which will provide SOREAD 2M new financial resources, will allow the company to avoid bankruptcy as defined by law 95/17 concerning the anonymous corporations and supplemented by Law 20.5.
He added that this situation imposes on the company specific actions and measures. This primarily necessitates the adoption of a plan for the rationalization and careful control of expenditures, activating the mechanisms of good governance, developing the advertising revenues and advancing the economic model of the institution within the framework of a strategic marketing.
The minister also pointed out that these measures include the commitment of the Ministry of Communication to provide all necessary support, including financial support when necessary to meet its obligations set forth in the code of conducts of the company.
Edited by April Warren