Tender Launched for the Enhancement of Maroc Telecom with a View to Possible Stock Market Sale (Ministry)
4 August 2011
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A tender has recently been launched by the Ministry of Economy and Finance for the enhancement of Maroc Telecom with a view to a possible stock market sale of a maximum of 7% of the capital held by the State.
According to a ministry statement, this tender aims to select an investment bank that will be responsible, in particular, for the valuation of Maroc Telecom based on various financial evaluation methods, the analysis of different investment options, and the recommendation of the optimal stock market placement scheme.
This recommendation, the document continues, will maximize the amount of any potential sale for the State and protect the evolution of the company's stock price after the operation.
The missions entrusted to the investment bank are "exploratory" and are intended to advise the administration on the modalities and conditions required to ensure the success of the sale operation.
The placement is intended exclusively for institutional and Moroccan investors, the ministry emphasizes, specifying that its proceeds will be allocated, in accordance with the provisions of the 2011 Finance Law, 50% to the Hassan II Fund for Economic and Social Development and 50% to the Investment Promotion Fund.
The ministry also wishes to specify that the sale operation will only be effectively realized if market conditions allow it and the aforementioned objectives are achieved, as was the case with the advisory and placement mission of a maximum of 8% of Maroc Telecom's capital launched in 2010 and which was not implemented.
After several divestment operations, the State's stake in the capital of Maroc Telecom (IAM) currently stands at 30%, the remainder being held 53% by Vivendi Universal and 17% representing the free float on the Casablanca and Euronext-Paris stock exchanges.
Published on August 2, 2011
Posted online on August 4, 2011
MAP
According to a ministry statement, this tender aims to select an investment bank that will be responsible, in particular, for the valuation of Maroc Telecom based on various financial evaluation methods, the analysis of different investment options, and the recommendation of the optimal stock market placement scheme.
This recommendation, the document continues, will maximize the amount of any potential sale for the State and protect the evolution of the company's stock price after the operation.
The missions entrusted to the investment bank are "exploratory" and are intended to advise the administration on the modalities and conditions required to ensure the success of the sale operation.
The placement is intended exclusively for institutional and Moroccan investors, the ministry emphasizes, specifying that its proceeds will be allocated, in accordance with the provisions of the 2011 Finance Law, 50% to the Hassan II Fund for Economic and Social Development and 50% to the Investment Promotion Fund.
The ministry also wishes to specify that the sale operation will only be effectively realized if market conditions allow it and the aforementioned objectives are achieved, as was the case with the advisory and placement mission of a maximum of 8% of Maroc Telecom's capital launched in 2010 and which was not implemented.
After several divestment operations, the State's stake in the capital of Maroc Telecom (IAM) currently stands at 30%, the remainder being held 53% by Vivendi Universal and 17% representing the free float on the Casablanca and Euronext-Paris stock exchanges.
Published on August 2, 2011
Posted online on August 4, 2011
MAP
