Royal Air Maroc Considers Selling Over Half Its Assets Amid Financial Crisis

In addition to the austerity plan developed to overcome the financial and economic crisis, the Moroccan airline wants to shift into high gear. It wants to liquidate part of its fleet, land belonging to the company and RAM Handling its airport assistance activity, reports Africa Intelligence. According to RAM CEO Abdelhamid Addou, the company is working on a major cleanup of its assets in the hope of stabilizing its financial horizon.

With the authorization of the shareholders, the CEO of Royal Air Maroc (RAM) had approved, on June 22, a restructuring of the group by opening the possibility of selling more than 50% of the company’s assets. According to him, this change had been voted on at an extraordinary general meeting at the end of March.

According to the same source, the launch of the disposals could be the last act of Abdelhamid Addou at the head of the company. It also specifies that Dounia Taârji, head of the Hassan II Fund for economic and social development, would be behind the scenes. With 44%, this fund becomes the second shareholder behind the State (53%), we learn.