State to sell its shares in Moroccan car-assembling company

The Moroccan state will sell to the private sector the 38% of shares it holds in the car-assembling company "SOMACA," it was officially announced in Rabat.

The Moroccan Ministry of Public Sector and Privatization has picked a counselling firm to conduct the audit and assessment of the company before selling it to private operators.

In addition to the 38% shares owned by the state, Somaca's capital is owned by other private companies.

According to Moroccan economic daily "L'Economiste," SOMACA posted in 1996 a turnover of $41.3 million (from $29.5 mln in 1995), boosted by the sale of Morocco-made economical cars UNO.

Created in 1958 by Italian car firm "Fiat," French "Simca" and the Moroccan state, SOMACA assembles and sells cars. It has the monopoly over the assembling of "Renault," "Peugeot" "Fiat" and "Citroen" brands.