Portugal Telecom has selected Morgan Stanley to sell its 32% stake in Moroccan mobile operator Medi Telecom (Meditel) according to a Reuters reports citing sources familiar with the matter, who estimated the stake is worth between USD400 million and USD530 million. Telecoms investors based in the Middle East have reportedly placed initial bids, although Spain’s Telefonica, which also owns a 32% stake in Meditel, has first right of refusal on the shares. Naguib Sawiris, chairman of Egypt’s Orascom Telecom, said last month that his firm was eyeing an investment in Meditel, which is Morocco’s second largest GSM mobile operator and also offers fixed line and broadband services.
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