King Mohammed VI receives Vivendi Universal CEO after handover of 1.1 billion euro

Morocco's King Mohammed VI received this Tuesday here Jean René Fourtou, Chief Executive officer of French Vivendi Universal which had handed over on the same day a check of 1.1 billion Euro for the purchase of an additional 16% of Maroc-Telecom, Morocco's land and mobile phone and internet operator.

The sovereign extended to Fourtou the Alawite wissam of the commander order.

On the same day, Vivendi Universal which increased last November its stake in Maroc-Telecom to 51% handed over to the Moroccan government a check of 12.4 billion DH (around 1.1 billion Euro) for the purchase of 16% of the company stake.

With this transaction, the Moroccan company becomes a privately owned company.

Prime minister Driss Jettou who chaired the check handing ceremony explained that the deal reflects Morocco's will to keep the course of opening its economy and attracting major investments, in accordance with the orientations of King Mohammed VI.

He stressed that the cession seeks to further develop the sector of telecommunication in Morocco and to turn Maroc-telecom into a prosperous and profitable company.

For finance and privatisation minister, Fathallah Oualalou, the 2nd cession operation is part of the telecoms sector liberalization which has reached maturity with an operator supported by an internationally-renowned partner, two mobile phone licenses and an independent regulating authority.

On his part, VU CEO said the agreement confirms the long-term commitment between Morocco and Vivendi Universal and the mutually "extremely-fruitful" partnership.

Maroc Telecom was floated at the Paris stock market and was overbid 31 times.

In 2003, the company posted an operational result of 6.9 billion DH, compared to 5.9 billion DH in 2002 and 3.8 billion DH in 2001, which makes of it one of the world's most profitable telecoms companies.