Morocco to sell 7% stake in Maroc Telecom on stock market

News General Morocco 4 AUG 2011
Morocco to sell 7% stake in Maroc Telecom on stock market
Morocco's Finance Ministry plans to sell a 7 percent stake in Maroc Telecom on the Casablanca bourse, Maghreb Arabe Presse reported. The Moroccan government holds a 30 percent stake in the biggest telecom company, with Vivendi holding 53 percent. The ministry said in a statement the call to bid is aimed at selecting an investment bank that is required to advise it on the best way to maximize the amount of the eventual sale and protect the company's stock market price after the operation. The ministry noted, however, that the operation will only take place if the market conditions are set fair and the operation's goals achieved, to avoid a repeat of last year's planned 8 percent stake sale, which was ultimately scrapped. Maroc Telecom has subsidiaries in Mauritania, Burkina Faso, Gabon and Mali.

Categories:

General

Companies:

Maroc Telecom,  Vivendi

Countries:

Morocco

Tags:

Voice services, Shareholders & subsidiaries, Government policy, Financial funding, M&A buyouts & divestments

Related Articles

GLOBAL 31 AUG 2011

Vivendi confirms earnings outlook on solid first half

French telecommunications and entertainment group Vivendi reported revenues up 1.9 percent to EUR 14.25 billion in the first half and an EBITA up 3.7 percent to EUR 3.36 billion. The increase in earnings was attributed in particular to game subsidiary Activision Blizzard and Brazilian operator GVT. The first saw a 34.4 percent increase in EBITA to EUR 833 million, due to new accounting principles requiring revenues and related cost of sales associated with games with an online component to be deferred over

MOROCCO 15 AUG 2011

Moroccan govt scraps tender to sell 7% of Maroc Telecom

The Moroccan government has cancelled the tender for the sale of part of its 30 percent stake in Maroc Telecom for the second time in less than a year, Reuters reported, citing bankers familiar with the matter. The revival of plans to sell a 7 percent stake had prompted opponants, mostly from the Islamist Justice and Development Party (PJD), to summon Finance and Economy Minister Salaheddine Mezouar to parliament for explanations. The finance ministry gave notification of the cancellation on 12 August. The

MOROCCO 26 JUL 2011

Maroc Telecom H1 revenues down slightly, cuts outlook

Maroc Telecom's revenues for the first half declined by 0.8 percent from a year earlier to MAD 15.3 billion. This was due to the slight decline in revenues in Morocco (-1.7%) in an intensely competitive environment, compensated partly by growth of 4.8 percent in subsidiaries' revenues. Revenues in the second quarter amounted to MAD 7.8 billion, a decline of 2.8 percent from 2010. Maroc Telecom's net income came to MAD 3.98 billion for the first half, a decline of 10.3 percent from a year earlier. The group'

MOROCCO 18 JUL 2011

Morocco reconsiders stake sale at Maroc Telecom - report

Morocco's government is again considering the sale of a portion of its 30 percent stake in Maroc Telecom, Reuters reports citing a source familiar with the matter. The source said a Maroc Telecom stake sale is back on the government's agenda but declined to elaborate. A finance and economy ministry representative declined to comment. An official at the department that manages state assets did not respond to a request for comment. The government last year scrapped the sale of an 8 percent stake in Maroc Tele

Just In

20 DEC 15:08

Dialog Axiata to offer Starlink satellite service across Sri Lanka

20 DEC 14:51

Sri Lanka raises LKR 10 billion in 5G spectrum auction

20 DEC 14:00

Vi introduces Niyo Zero Forex Markup Card for travelers

20 DEC 13:39

True reshuffles executive team

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.