By Youssef El Kaidi
By Youssef El Kaidi
Morocco World News
Fez, March 9, 2013
The group decided to sell its investments to the British Investment Fund “Actis” in a deal of around 370 Million Euros.
Veolia Environment Company stopped its activities in Morocco after selling its investments to the British Investment Fund “Actis” in a deal of around 370 million Euros and increased its divestment program according to a statement released on Friday, March 8th, 2013.
This sale will contribute to covering the company’s debt which totals in 88 million Euros in 2013. Veolia’s activities of water, sanitation and electricity were delegated to the companies Redal and Amendis.
“This divestiture was part of the geographic focus of Veolia Water and its development strategy which focuses on offers and activities with higher added value,” the statement said. The completion of the transaction is subject to obtaining the formal approval of the delegating authorities and supervisory authorities in Morocco.
Veolia said it had signed an agreement with Actis for technical assistance for a period of 3 years, which will, on the one hand, ensure a seamless transition, and on the other hand, share with Actis the expertise and experience of Veolia in Morocco.
It should be noted that people in cities like Tangier and Tetuan have repeatedly expressed their indignation at the poor services and exorbitant electricity and water bills of Velia Morocco and demanded its withdrawal from their cities; a demand that has finally come true but the question remains: will the new company provide better services with reasonable prices?
