04 May 2006
After a recess of some months, the Moroccan government has resumed the process of privatising public companies, launching a tender operation to cede the government's share in the capital of the Moroccan Society for Tea and Sugar (Somathes).
The government will sell 3,746,850 shares, worth MAD 100 each.
Besides this operation, the 2006 privatisation programme includes opening the capital of the Banque Centrale Populaire, ceding 20% of Rgie des Tabacs's capital, and the whole or part of Comanav.
This year's operations is a continuum of the privatisation programme launched in the early 90s of the last century. By 2005, up to 70 entities (44 companies and 26 hotels) had been privatised, either totally or partially.
These operations gained the state about MAD 77 billion, 81.8% of which (that is MAD 63 billion) were paid by foreign investors and the rest by Moroccans.
A total of 75.17% of purchasers are French investors, followed by Moroccans (18.20%), Spaniards (9.39%) and Saudis (5.49%).
The Ministry of Finance and Privatisation said that these investors honored most of their contractual commitments.
"Among the 70 entities privatised, only one case (SIMEF) required the intervention of the state, nullifying the contract. And SAMIR's commitments will be realised as part of the investment convention signed in 2004 (MAD 6 million) between the state and SAMIR," said the ministry in a report on privatisation in Morocco.
The report added however that "three hotels (Doukkala, Madayeq and Transatlantique) face some difficulties."
After a recess of some months, the Moroccan government has resumed the process of privatising public companies, launching a tender operation to cede the government's share in the capital of the Moroccan Society for Tea and Sugar (Somathes).
The government will sell 3,746,850 shares, worth MAD 100 each.
Besides this operation, the 2006 privatisation programme includes opening the capital of the Banque Centrale Populaire, ceding 20% of Rgie des Tabacs's capital, and the whole or part of Comanav.
This year's operations is a continuum of the privatisation programme launched in the early 90s of the last century. By 2005, up to 70 entities (44 companies and 26 hotels) had been privatised, either totally or partially.
These operations gained the state about MAD 77 billion, 81.8% of which (that is MAD 63 billion) were paid by foreign investors and the rest by Moroccans.
A total of 75.17% of purchasers are French investors, followed by Moroccans (18.20%), Spaniards (9.39%) and Saudis (5.49%).
The Ministry of Finance and Privatisation said that these investors honored most of their contractual commitments.
"Among the 70 entities privatised, only one case (SIMEF) required the intervention of the state, nullifying the contract. And SAMIR's commitments will be realised as part of the investment convention signed in 2004 (MAD 6 million) between the state and SAMIR," said the ministry in a report on privatisation in Morocco.
The report added however that "three hotels (Doukkala, Madayeq and Transatlantique) face some difficulties."
© Morocco Times 2006
