BusinessTimes.com.sg
[RABAT] Morocco’s government plans to sell shares of state-owned ports operator Marsa Maroc next year, raising cash to fund its push to establish the country as a focus for global cargo transfers, the company said.
As a first step, the finance ministry’s privatisation and public enterprises department is poised to commence a tender to selected banks as it seeks advisers on the initial public offering, Marsa Maroc spokeswoman Fatima-Zahra Ahrar said. Shares will be listed on the Casablanca exchange.
“We want to raise funds as we’re expanding,” Ms Ahrar said on Friday. “It’s part of a process aimed at opening up the capital of Marsa Maroc. The stakes will depend on what the mandated banks propose.”
Marsa Maroc needs fresh financing to complete a new container terminal at the Tanger Med facility, west of the city of Tangiers, where a planned capacity of 8.5 million standard boxes a year would put the port on a par with Durban, South Africa, as the biggest on the continent. It also plans to spend close to 80 million euros (S$136.6 million) on a third container facility in Casablanca, the nation’s second-biggest port.
