Morocco shelves sale of 8% stake in incumbent, report says

21 Oct 2010

Reuters reports that Morocco’s government has scrapped its proposed sale of an 8% stake in incumbent PSTN operator Maroc Telecom. A senior government official told the news agency yesterday: ‘The sale of Maroc Telecom was abandoned. It does not figure in the draft budget text for next year. I’m not sure when the government would revive Maroc Telecom’s share sale case again.’ The state had previously slated a sale of part of its 30% stake in the fixed line, mobile and broadband operator for sometime in 2011. Mohamed Slaoui, an analyst at Credit du Maroc Capital, was quoted by Reuters as saying: ‘The government does not need the receipts from the sale of Maroc Telecom to finance its budget for next year after it had sold EUR1 billion (USD1.4 billion) in euro-denominated bonds in September … It does make sense for the government to sell bonds to get money to plug its budget deficit rather than sell Maroc Telecom from which it earns dividends.’

Morocco,Maroc Telecom (IAM),


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