France's Vivendi Universal hands morocco $ 2.4 million cheque for takeover of 35% of Maroc-Telecom capital

France's Vivendi Universal on Tuesday handed Moroccan authorities a $ 2.4 million cheque (23.345 billion DH) representing the takeover of 35% of Maroc-Telecom capital.

The cheque was delivered to prime minister, Abderrahmane Youssoufi, by Philipe Gemond, CEO of the group in the presence of the king's advisors, Andre Azoulay and Mohamed kabbaj, minister of economy, finance, tourism and investments, Fathallah Oualalou and minister of new informtion technologies, Nassr Hajji.

Last December, Vivendi won a bid to buy 35% of the Moroccan phone operator, which enjoys monopoly over the country's land phones. The GSM market in Morocco is shared between Maroc-Telecom and Meditel, a Portuguese-Spanish-Moroccan Consortium which bought the license in 1998 for $ 1.1 billion.

The Moroccan premier said Vivendi's participation in Maroc-Telecom capital is only a step in Morocco-Vivendi

relations, poised to know deeper developments. He said the deal, which confirms the success of the country's social and economic policy, will make of Morocco Vivendi's platform for regional development, particularly in north Africa, the Middle East and the African continent.

Vivendi CEO said the group intends to develop in Morocco other sectors, like the new information technologies, the multimedia and Arab music production.