Flotation of Maroc Telecom stake announced
The Moroccan government has launched an international tender to select an advisor for the flotation of a stake in the state controlled Maroc Telecom.
"We want to float a stake of Maroc Telecom before the end of the year," said Morocco's Minister of Finance and Privatization Fathallah Oualalou. He did not reveal the size of the stake involved in the initial public offering (IPO) or the bourse of choice for the flotation.
Maroc Telecom is the largest telecommunications provider and mobile operator in Morocco. French media and communications company Vivendi Universal holds 35 percent of Maroc Telecom's shares and is responsible for managing its operations. The state plans to sell another 16 percent stake in the company to Vivendi during the second half of 2004, reported Reuters.
Maroc Telecom has 3.7 million mobile phone subscribers and 1.2 million fixed-line telephone subscribers. The firm reported a profit of four billion Moroccan dirhams ($444 million) for 2003, an 8.5 percent increase compared to figures from the previous year. — (menareport.com)
© 2004 Mena Report (www.menareport.com)