RABAT, March 26 (Reuters) – Maroc Telecom said it planned to raise its capital by as much as 22.7 percent, prompting traders on the Casablanca bourse to speculate Morocco’s main telecom player may make a fresh acquisition in Africa.
The affiliate of French operator Vivendi said on Monday its shareholders’ assembly would be asked to vote on April 24 for the management’s proposal to raise its capital by up to 200 million shares.
It did not say what it needed the capital increase for.
Traders in Casablanca said that, if approved, Maroc Telecom’s capital hike would be Casablanca bourse’s biggest ever.
“We are talking about 27 billion dirhams ($3.2 billion)as market value for the maximum number of shares the company plans to issue … It seems they plan to make a new acquisition,” a senior trader said.
Maroc Telecom chief executive Abdeslam Ahizoune was not available to comment. ($1 = 8.3879 Moroccan dirhams) (Reporting By Souhail Karam; Editing by Dan Lalor)
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