Portuguese company sells Moroccan power, water concession to French Vivendi

Electricidad De Portugal Group (EDP) on Monday announced the sale to French Vivendi Group of all 29 percent of shares it holds in REDAL, a firm managing drinking water and power distribution in the Moroccan capital city of Rabat and its twin town of Sale.

Vivendi paid US$38.86 million to take up Redal, EDP said in a release, adding the deal is yet to await an administrative permission from the Moroccan authorities.

EDP won in 1998 the concession to distribute drinking water and power in Rabat and Sal? over 30 years.

The Portuguese group explained the sale by its intention to concentrate on a similar concession it holds in Brazil.