Maroc Telecom to Float on Paris and Casablanca Stock Exchanges
2004-11-10
Maroc Telecom announced on Tuesday (9 November) plans to float on the Paris and Casablanca stock exchanges by the end of the year. The decision follows regulatory approval for a share sale with an expected value of 8 billion euros. The initial public offering will allow the Moroccan government to raise much-needed funds by selling part of its 65 per cent stake in the former state monopoly.
France-based Vivendi Universal holds the remaining 35 per cent in Maroc Telecom and is negotiating to increase its stake to 51 per cent, but talks with the government have broken down over pricing. The Moroccan press said the state needs the funds to help balance its budget. (FT)
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