Morocco: Pensions Fund RCAR acquires 16 million equities of Maroc Telecom

Morocco: Pensions Fund RCAR acquires 16 million equities of Maroc Telecom

The Moroccan retirement pensions fund, Régime Collectif d’Allocation de Retraite, (RCAR) has acquired 16,229,447 shares of Maroc Telecom, which has floated 8 per cent of the company’s shares.

The operation took place on June 17. RCAR with this acquisition has increased its share in the company to 5.81 per cent, the Moroccan Capital Market Authority (AMMC) said on its website.

The Moroccan state is selling eight per cent of its shares in the leading telecommunication company. The sale expected to bring close to $1 billion is taking place in two stages via the Casablanca Stock Exchange: 6% of the capital will be sold as “block order to local institutional investors (3 pension funds, 5 insurance companies and 3 banks).”

The six per cent stake comprises 52,745,700 shares, sold at 127 dirhams ($13.2) per share.

The remaining 2 per cent or 17,581,900 shares will be floated on Casablanca stock exchange as a public offering and are expected to bring a revenue of about 2.18 billion dirhams.

The yield of the sale operation will fill the budget deficit. The move is aligned with the North African country’s policy to privatize state-run companies in view of raising money for the slim national budget.

Maroc Telecom is present in several African countries including Mali, Mauritania, Niger, the Central African Republic and Togo.

The government is also planning to sale its shares in La Mamounia hotel in Marrakech as well as the Tahaddart power plant in Northern Morocco.

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