The Moroccan government is planning to sell their stake to local investors.
Rabat – The sale of 8% shares in Maroc Telecom by the Moroccan government would increase the budget by MAD 8.87 Billion.
The sale is part of a government privatization program to slash the budget deficit by 0.6%.
Reuters reported that the government will sell 6% to local institutional investors, while the other 2% will be sold on the Casablanca Stock Exchange.
The Moroccan government’s ownership of the company is expected to drop to 22% from 33% following the sale.
Maroc Telecom is an influential communication firm in Africa. It owns subsidiaries in a number of countries including Mali,Mauritania,Niger, and the Central African Republic.
In addition to Maroc Telecom, the Moroccan government also seeks to sell their holdings in La Mamounia hotel in Marrakech as well as the Tahaddart power plant in Northern Morocco in order to inject millions of dirhams into its budget.