Morocco to sell 35% stake in Marsa Maroc

Morocco to sell 35% stake in Marsa Maroc

The Moroccan government plans to sell 35% stake in Marsa Maroc to Groupe Tanger Med which manages the biggest port in the Mediterranean and Africa in terms of container capacity.

Marsa Maroc manages container terminals at 9 Moroccan ports and is listed at the Casablanca stock exchange.

The deal will inject some 5.48 billion dirhams in state coffers which will help a Covid-hit budget deficit expected at 6.3% this year.

Morocco has launched a program to overhaul state-held enterprises through privatization, mergers or dissolution. The government has also created an agency to oversee state-owned enterprises with the aim of improving efficiency and profitability.

Tanger Med port outpaced all Mediterranean peers last year by handling 5.8 million containers.

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