The initial public offering (IPO) of 15 per cent in Maroc Telecomhas been approved by Rabat. Most of the shares will be floated on the Casablanca Stock Exchange, with the remainder to be offered on the Bourse de Paris. The subscription period is expected to last from 20 November to 10 December. The door was opened for the IPO with the government's adoption in October of a draft law authorising the transfer of shares in public enterprises to the private sector through foreign exchange markets. The government hopes to raise MD 9,000 million ($1,000 million) from the sale.
A deal is also in the pipeline for the sale of a further stake in Maroc Telecom to France's Vivendi Universal, which holds 35 per cent of the shares in the state telecoms operator and is hoping to gain a 51 per cent controlling stake. Details are expected to be announced by year-end (MEED 01:10:04). A board meeting in early November will outline the state operator's plans for telecoms liberalisation over the next four years. It will focus on the opening of local loop, backbone and international fixed-line services to private investment, and discuss proposals to introduce restricted mobility and code division multiple access (CDMA) services. The introduction in 2005 of a third GSM licence and 3G services will also be discussed (MEED 15:10:04, Interview).
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