Maroc-Telecom gets license to be listed on the stockmarket

Maroc-Telecom has obtained the licence of the Casablanca stock market regulating council (CDVM) to be listed on the stock markets of Casablanca and Paris, announced on Monday, an official of the company's chairmanship council, Mohamed Ahizoune.

This is a first and important step in the process of listing Maroc-Telecom on the stock market, he said Monday at a press conference.

He explained that the operation will bring new shareholders to the capital of one of Morocco's largest private groups and one of the most vibrant and profitable ones.

The listing will be completed before year end, in what he descrbied as "the first stage in the privatization process started in 2001 when (French) Vivendi universel entered in Maroc-Telecom capital as a strategic partner."

Ahizoune further recalled that in 2003, Maroc-Telecom posted a turnover exceeding 15.89 billion DH (1.58 billion Euro) and the number of its clients reached 5.2 million subscribers to the mobile phone, 1.3 million subscribers to the land phone and 79,000 of Internet subscribers.

He also announced a future decrease in the cost of internet access in Morocco.

Maroc-Telecom is holding 51% in the capital of Mauritel, Mauritania's phone operator, through a holding in association with Mauritanian partners.

The listing of Maroc-telecom on the stock market was possible after the government had the parliament vote a law that authorizes state-owned enterprises to be listed on foreign stock markets.