Morocco ready to cede 40% of carrier capital to private sector

Morocco said it was ready to cede 40% of the capital of the state-owned carrier Royal Air Maroc (RAM) to private operators.

Transport minister, Mustapha Mansouri, who announced the news, said the government will list part of RAM's capital at the Casablanca stock exchange. He insisted that the move does not mean privatization.

Opening the company's capital to private operators will help RAM "drain capital and be able to renew its fleet," the minister said.

RAM, which already owns a 27-plane fleet, plans to increase the number to 34 in 2001.

The company saw its capital increased last June by four folds to reach $ 114 million (1.14 Million DH).