Caisse de Depot et de Gestion (CDG), an investment vehicle for the Moroccan state, may consider buying a stake in Maroc Telecom together with Etisalat.
But its chief executive Anas Alami told Reuters that CDG cannot take a stake greater than 10% in the…
Caisse de Depot et de Gestion (CDG), an investment vehicle for the Moroccan state, may consider buying a stake in Maroc Telecom together with Etisalat.
But its chief executive Anas Alami told Reuters that CDG cannot take a stake greater than 10% in the country’s largest mobile operator because it already controls 30% of rival Meditel.
Last week it was reported that the Moroccan government wants UAE’s Etisalat to find a local partner as a requirement for its potential acquisition of a 53% stake in Maroc Telecom. At the time, CDG had already been tipped as a potential partner.
Although French media conglomerate Vivendi controls Maroc Telecom via its majority stake in the operator, the government, which owns 30%, also needs to approve the buyer.
Morocco is reportedly looking to ensure that the new owner of the country’s largest employer will invest heavily in telecoms infrastructure.
It remains unclear whether the investment vehicle would buy part of Vivendi’s 53% stake in the operator or of the 17% currently listed.
CDG could not be reached for comment before the press deadline.
Moroccan finance minister Nizar Baraka told Reuters that the government’s 30% stake is not for sale.
Vivendi is reportedly looking to raise around €5.5bn (US$7.4bn) from the Maroc Telecom transaction.
