Eight groups line up for Maroc Telecom advisory

30 April 2004
The Finance & Privatisation Ministry opened on 23 April bids from eight groups for the financial advisory on the sale of part of the government's stake in Maroc Telecom. The successful group will be required to evaluate the size of the stake to be sold - up to a maximum of 20 per cent - and the manner of its sale. The ministry will take up to three weeks to evaluate the offers, and plans to award the mandate by mid-May.

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).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.