Portuguese Group Withdraws from Water-Electricity Utility in Rabat
Morocco-Portugal, Business, 12/22/2001

Portuguese group (Electricidad de Portugal) has decided to sell its shares in REDAL, a Spanish-Portuguese firm that obtained in 1999 concession of water and electricity supply for Rabat.

"EDP" which owns 29% of the Redal capital has not given any reason for the decision which is believed to be part of a general move to withdraw from electricity utilities abroad, mainly in Guatemala and Brazil.

Informed sources in Lisbon say Portuguese and Spanish partners has several divergences over the management of Redal which was conceded by Moroccan authorities for 30 years. Moroccan authorities had also ordered last June an audit in the accounts of Redal.

French group VIVENDI is already on the row to take over the Portuguese shares in Redal. VIVENDI has already brought 35% of Maroc-telecom capital and is increasingly present in sanitation and water and electricity distribution in several Moroccan cities.

Previous Stories:
  Portuguese enterprises seek outlets and partners in Morocco   (2/9/2001)
  Morocco, Portugal agree to enhance partnership   (6/10/2000)
  Portuguese group to launch tourism project in Morocco   (8/28/1999)

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