Rabat – The Casablanca stock exchange authorities announced January 14, suspending the listing of Lydec, a utility provider for Morocco’s biggest city, Casablanca.
The press release specifies that the suspension, effective January 14, was following a request from Morocco’s Market and Capital Authorities.
Lydec is a unit of Suez, a French utility company. Suez holds 51% of Lydec’s shares, while 19.75% of the company belongs to Fipar Holding, a private equity firm.
Lydec share value has plummeted, following Morocco’s Interior Minister Mustapha El Habti announcement that state-owned utility providers will replace French subsidiaries of Veolia and Suez.
In the same statement to the press, El Habti announced that Morocco will not be renewing contracts with Veolia subsidiaries Redal and Amendis when their contracts expire in 2026 and 2027.
Regarding employees working for the French companies, the minister noted they’ll be joining the state-owned utility providers.
Lydec’s shares lost close to 69% of their value in the span of a week in reaction to the news, going from MAD 359 ($39) to MAD 250 ($27.1) reaching their lowest value since the 2007 economic crisis.
