Morocco launches tender for selling part of telecom company

Morocco on Tuesday launched a tender to sell 35% of the capital of Maroc-Telecom.

The announcement was made by Moroccan economy, finance, privatization and tourism minister, Fathallah Oualalou, who said candidates have a period of two months and half to submit their bids at a minimum offer of 20.3 billion dirhams ($ 1.84 million).

The strategic partner should keep the Maroc-Telecom's competitive advantage, consolidate its investment policy and develop its presence on the international market, the announcement ad said.

The minister said the privatization move is part of drives to further develop the telecom sector. "Maroc-Telecom's performance allow it to serve as a regional plat-form in matters of telecommunications," he said.

Under the terms of the tender, the candidate should meet a certain number of eligibility criteria, mainly the exploitation of a network of more than 1 million subscribers to the fixed phone, a network of more than 750,000 subscribers to the mobile phone, and have a consolidated proper capital of $ 1 billion at the end of last fiscal year or a bourse capitalization higher than $ 10 billion on October 2, 2000.

Maroc-Telecom director-general, Abdeslam Ahizoun, said the company posted during the first half of 2000 a turnover of $ 5.43 million, representing a growth of 32% compared to the corresponding period in 1999. The company's net profit also jumped by 48% to stand at $1.26 billion.

The company eyes a turnover of $ 1.2 billion for year 2000. Up to last August, the operator had 3,012,386 phone subscribers, including 1.4 million mobile phone users.

Maroc-Telecom Internet users number up to last August 31 16,000 direct users and 450 leased lines, Ahizoune said.

Besides Maroc-Telecom, Morocco has a private operator, Meditel, which bought in 1998 a Moroccan second GSM license for $ 1.1 billion.