Morocco favours local institutional investors in Maroc Telecom stake sale

RABAT: The Moroccan government, which plans to sell an 8% stake in Maroc Telecom, will sell 6% of that this month as a block order to local institutional investors such as retirement funds, insurance companies and banks, the ministry of finance said on Tuesday.

The remaining 2% stake will be sold on the Casablanca stock exchange, where the company is already listed, it said.

The government owns 30% of Maroc Telecom, Morocco’s largest telecom operator, which announced on May 31 that the government would sell up to an 8% stake of the company’s capital.