Rabat – The Collective Retirement Benefit Scheme (RCAR) announced the acquisition of 16,229,447 shares from the Moroccan telecommunications company, Maroc Telecom.
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.
Read Also: Morocco Would Gain MAD 8.87 Billion After Sale of 8% Shares in Maroc Telecom
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.
