Copying and distributing are prohibited without permission of the publisher
Morocco calls off telecom stake sale
16 August 2011
Second cancellation in less than a year of Moroccan government sale of stake in Maroc Telecom
Read more:
Morocco
Maroc Telecom
share sale
privatisation
Morocco has once again cancelled a tender for selling part of its 30% stake in Maroc Telecom. The Moroccan finance ministry has notified the cancellation to all financial companies which were invited to bid, advise on and lead the sale of a 7% stake in the telecoms firm, reported Reuters citing bankers privy to the matter
Some bankers have voiced their disappointment over the cancellation. One of them told Reuters: “They did not explain the decision. We are being taken for little kids.”
Morocco’s public finances have been eroded by the state’s multi-billion dollar spending thrust to avoid a spill-over from the revolts in the Arab region. The spending has raised concerns over the nation’s ability to finance key projects, when it is struggling to handle the high oil and grain prices. GTB