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FINANCIAL NEWS
Morocco to sell 7% of its stake in Maroc Telecom
19 Jul 2011
(MENAFN) Moroccan Finance and Economy Ministry stated that the government plans on selling around 7 percent of the 30 percent it owns in Maroc Telecom in order to boost public finances, reported Arab News.
The Ministry also said that the government eyed selling 61.53 million of its shares in the company in order to cover the money it spent in calming the Moroccan streets’ protests. It pointed out that the spending spree posed a threat that the government wouldn’t be able to support key projects.
French company Vivendi owns a 53 percent stake in Maroc Telecom, the country’s largest telecom company. The government’s stake would be sold for around USD1.1 billion as the ministry stated.
It is worth noting that Maroc Telecom is the main telecommunication company in Morocco. It employs around 11,178 employees and has 8 regional delegations with 220 offices present on all the territory of the country.
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