Morocco to Raise $880 Million from Maroc Telecom Stake Sale
The sale by the Moroccan government of 8% of Maroc Telecom, as part of a new privatization policy, should bring in 8.87 billion dirhams, according to data communicated by the Moroccan Capital Market Authority (AMMC).
Thus, a 6% stake, or 52.74 million shares, at a price of 127 dirhams, will be reserved for local institutional investors such as pension funds, insurance companies and banks, according to data provided by the AMMC, reports Reuters, which is based on a document published by the stock market authority.
The remaining 2% will be sold directly on the Casablanca Stock Exchange and therefore to individuals, at a price of 125 dirhams. This sale should start on June 26 and end on July 5, we also learn.
The sale of this share of the Moroccan state should reduce its stake from 30% to 22% and consequently reduce its weight in the votes.
Listed on the Paris Stock Exchange as well as on the Casablanca Stock Exchange, Maroc Telecom is currently 53% owned by the Emirati, Etisalat.
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