Morocco to sell 6% stake in Maroc Telecom to local institutional investors

The Moroccan government is planning to sell 6% of its 8% stake in Maroc Telecom in June as a «block order to local institutional investors», Reuters said quoting Morocco’s Finance Ministry. The government favors retirement funds, insurance companies and banks, the same source said.

The 2% stake that will remain will be sold on the Casablanca stock exchange. The 6% stake «comprises 52,745,700 shares, priced at 127 dirhams ($13.2) per share», the news agency reported, adding that «the 2% stake sale, totaling 17,581,900 shares will take place on the Casablanca stock exchange as a public offering».

For the record, Maroc Telecom announced on May 31 that it has taken «note of a letter sent by the Minister of Economy and Finance regarding the government’s intention of selling 8 percent of its ownership stake in Maroc Telecom in the coming weeks». 

In October, Finance Minister told Reuters that Morocco might be selling stakes in the country’s main telecommunication firm.

The Kingdom expects to generate 5 billion dirhams from selling public enterprises, added the minister on Tuesday.