Tuesday, September 29, 2009

Morocco's Meditel To List 25% Stake on Local Bourse

The management of Morocco's second largest mobile network operator Meditel have approved a plan to sell a stake of more than 25% via the local stock exchange before the end of this year, reports Reuters quoting three Moroccan newspapers.
Finance.Com and state-run fund CDG, which led the domestic group of companies which recently bought out all foreign held shares in Meditel, are also considering selling a stake to 'institutional investors', likely to be telecoms firms from the Middle East and North African region, the Al Jarida Aloula, Al Massae and Akhbar Alyoum newspapers said.
The UAE's Etisalat, Qatar's Qtel, Bahrain's Batelco and Egypt's Orascom Telecom are amongst the companies interested in buying a stake. The three dailies added that Meditel sought to increase its capital through a partial flotation. Telefonica and Portugal Telecom earlier this month sold their minority shares in Meditel to the company's other shareholders.

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