The Moroccan government plans to sell a maximum of eight per cent of its stake in the national telecommunication company Maroc Telecom in the coming weeks, a company statement said.
“Maroc Telecom received a letter of the state” about the decision, the statement said. The sale also involves the correspondent voting rights of the company and will be conducted in the Moroccan stock market, it added.
Maroc Telecom, biggest telecom company in Morocco with active presence in seven African countries, is 53 per cent owned by the United Arab Emirates company Etisalat and 30 per cent by the Morrocan government.
According to the 2019 state budget, the Moroccan government seeks to privatise some public companies to generate about USD800 million and help reduce the budget deficit to 3.3 per cent of GDP in 2019.
Source: https://borneobulletin.com.bn/morocco-to-sell-up-to-8pc-stake-in-national-telecom-firm/