Morocco’s retirement pensions fund Regime Collectif d’Allocation de Retraite (RCAR) has acquired 16.229 million shares of Maroc Telecom (IAM), following the government’s decision to float 8% of the company’s shares on the local stock market. The Moroccan Capital Market Authority (AMMC) disclosed that the transaction increased RCAR’s shareholding in IAM to 5.81%. The first stage of the floating includes the sale of 6% of the capital (52.746 million shares) as ‘block order to local institutional investors (three pension funds, five insurance companies and three banks)’, while the remaining 2% (17.582 million shares) will be floated on Casablanca Stock Exchange (CSE) as a public offering.
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