Morocco to sell 8% of the capital of Maroc telecom

The Moroccan government notified on Friday the largest telecom operator in the country, Maroc Telecom, that it will sell 8% of the capital of the country.

The sale will reduce the share of the Moroccan state in the company to 22%, with the majority of stakes up to now owned by the UAE’s Etissalat.

“Maroc Telecom and its management team are fully mobilized to carry out all the steps that will be part of this process and contribute to the success of the operation,” the company said in a statement.

The operation is part of efforts by the government to raise 10 billion dirhams to help reduce the budget deficit to 3.3%.

Maroc Telecom has subsidiaries in Benin, Burkina Faso, Côte d’Ivoire, Gabon, Mali, Mauritania, Niger, Togo and the Central African Republic.

The company’s profits rose to 6 billion dirhams in 2018, making it one of the best performing companies in the country and in Africa.