Rabat holds a 65 per cent interest in Maroc Telecom. The remainder is held by France's Vivendi Universalafter it bought a 35 per cent stake for $2,200 million in December 2000. Under the terms of the 2000 acquisition, the French partner has a pre-emptive right to buy a further 16 per cent share, which will not be included in any further flotation. However, it is understood that Vivendi's offer of about $600 million for the 16 per cent stake has been rejected by Rabat as too low (MEED 9:2:01).
Maroc Telecom could prove an attractive prospect for investors. Net income for 2003 rose year on year by 8.5 per cent to MD 4,400 million ($494 million). The company operates one of two GSM licences in the kingdom. It has 1.2 million fixed-line subscribers and 3.7 million mobile subscribers. A consortium led by JP Morganwas the adviser on the original share issue (MEED 9:4:04).
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