São Paulo – The Moroccan government is going to sell 7% of the shares of Maroc-Telecom, a telephone company in which it holds a 30% stake. A public tender has been floated to decide which bank will be responsible for the operation.
According to the Moroccan Ministry of Economy and Finance, the winning bank will be in charge of raising the value of Maroc-Telecom’s shares “using various financial evaluation methods,” as informed by the Panapress news agency.
According to the news agency, in a statement issued last week, the ministry informs that only Moroccan investors will be allowed to purchase stock. The ministry also stated that the sale will only become effective if market conditions so allow.
According to Panapress, 53% of the company’s stock belong to the French company Vivendi Universal (which controls the telecom company GVT in Brazil). The remaining 17% are diluted throughout the market, in shares traded on the stock exchanges of Casablanca, in Morocco, and Paris, France.
*Translated by Gabriel Pomerancblum
