The Moroccan government, which announced plans to sell an 8% stake in Maroc Telecom (IAM) earlier this month, will offer 6% of the Morocco’s largest telecoms operator by subscribers this month as a block order to local institutional investors, such as retirement funds, insurance companies and banks, according to the Ministry of Finance. Reuters reports that the remaining 2% stake will be sold on the Casablanca Stock Exchange (CSE). Maroc Telecom, which is listed on the CSE and Euronext Paris, is 53%-owned by UAE-based Etisalat Group, with the Moroccan state in possession of a 30% stake. The sale is the first step in a government privatisation plan to pump USD527 million-USD633 million into the state budget by selling state assets, with a view to cutting the 2019 budget deficit to 3.3% of GDP.
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