Morocco Postpones BNDE Bank Privatization

Morocco postponed the sale of state holdings of up to 33.34 percent in BNDE bank valued at $78.3 million because a tender was "not conclusive", a spokeswoman said on Sunday.

The tender for sale, with a minimum of three million shares and a maximum of 4,000,800 at 190 dirhams per share ($19.36), was opened from May 12 to June 10.

The spokeswoman for the Privatization Ministry told Reuters, "The official commission of transfer announced that the tender, which concerns between 25 and 33.34 percent of BNDE capital, was not conclusive," Map reported.

"Therefore the transfer of state stakes in BNDE was postponed...but will remain the privatization ministry's short-term target."