Rabat to sell GSM stake

08 April 2004
The Finance & Privatisation Ministry is inviting international and local banks to submit bids for the advisory mandate on the sale of a stake in Maroc Telecom. Interested parties have until 23 April to submit bids for the six-month contract, which includes evaluating the size of the government stake to be divested.

Rabat holds a 65 per cent interest in Maroc Telecom. The remainder is held by France's Vivendi Universalafter it bought the 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 (MEED 9:2:01).

Maroc Telecom released its financial results in late March. 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 (see Special Report).

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