Maroc Telecom privatisation kicks off

23 Nov 2004

The Moroccan government yesterday launched the country’s largest ever privatisation process with the start of the sale of 14.9% of national PTO Maroc Telecom. Morocco is selling 113.9 million shares in the telco for between EUR4.90 and EUR6.12 per share, hopefully raising between EUR558 million and EUR697 million for state coffers in the process. Depending on the success of the placement, the government could then sell a second tranche of 17.08 million shares to boost the state’s one-off gain to EUR801.5 million. Proceeds from the Paris and Casablanca listings will be used to offset the country’s 2005 budget deficit. The two-part sale will reduce the state’s holding in Maroc Telecom from 65% to around one third.

Morocco,Maroc Telecom (IAM),

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