Incumbent Maroc Telecom has said it currently has no plans to finance acquisitions through its planned capital increase.
On 26 March, Maroc Telecom announced that it would ask its shareholders at an annual general meeting on 24 April to vote on a…
Incumbent Maroc Telecom has said it currently has no plans to finance acquisitions through its planned capital increase.
On 26 March, Maroc Telecom announced that it would ask its shareholders at an annual general meeting on 24 April to vote on a proposal to raise its capital.
Reuters reported that this capital increase could be by up to 200 million shares, or as much as 22.7%. The newswire went on quoting traders in Casablanca saying that this move would allow the company to make an acquisition in Africa.
In an emailed statement, Maroc Telecom said this capital is a “financing tool that allows [the company] to cope with all development opportunities, if any, quickly and flexibly”. But it added that “there are no projects for today that could be financed with this tool.”
The incumbent is 53%-owned by French media and telecoms group Vivendi, and 30% by the Moroccan government.
