French group opens capital to Moroccan investors

French electronics group GESPAC decided to open 20 to 30 per cent of its capital to foreign and Moroccan institutional investors, part of a move to make of the Kingdom a turning plank of electronics industry, said in Casablanca on Thursday the company's CEO, Frantz-Pierre Bridoux.

The group aims to pool 15 million Euros to position itself on global markets with high yielding added-values, adds Bridoux who made the announcement during a press conference.

He further said that GESPAC's two industrial units (Temara 1 and 2) in Rabat outskirts contributed 40 per cent of the company's sales in 2002, adding that a third plant (Temara 3) will be launched by the end 2003.

GESPAC Morocco manufactures electronic cards, assembles and tests medical equipment, aeronautic and railroad cables as well as piloting monitors.

Created in 1979, GESPAC is a world leader in the development, production and marketing of electronic cards and integrated systems for industrial applications.