Morocco’s government has been looking for local investors to buy the shares.
RCAR announced the acquisition on June 17, Maghreb Arab Press (MAP) reported.
RCAR exceeded the threshold of 5% stake in Maroc Telecom.
The buyer, managed by Morocco’s Caisse de Depot and Gestion (CDG), now owns 51,060,810 shares (5.81%) in the operator’s capital.
RCAR also plans to continue to purchase more shares within a year of meeting the threshold.
Morocco’s government has been looking for local investors to buy shares from the company since the sale of 8 % of the company’s shares would inject MAD 8.87 billion in the government’s budget.
The government’s ownership would drop to 22% from 33 % following the sale of 8 % of the shares.
The company is one of the most influential communication firms as it owns subsidiaries in a number of African countries, including the Central African Republic, Niger, and Mali.
The sale is part of Morocco’s privatization program to slash the budget deficit by 0.6 %.
Morocco’s government also seeks to sell their holdings in La Mamounia hotel in Marrakech as well as the Tahaddart power plant in northern Morocco.