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Marsa Maroc to see IPO Feb 2015

Marsa Maroc to see IPO Feb 2015
Morocco has planned to sell minority stake in the state-owned port operator Marsa Maroc, through an initial public offering (IPO) on the Casablanca Stock Exchange (CSE) next year, reported Morocco World News.

The Moroccan Ministry of Finance is projected to open bids on February 2nd, 2015.

The Moroccan Port, which seeks funds for its expansion, plans a bid for two other terminals at Casablanca Port and the second phase of Tanger Med II Port in Tangiers.

“We are also seeking African expansion, especially in West Africa and Maghreb. Last year we bid for a terminal in Abidjan Port, but our Asian partner quit before the tender’s results announcement,” said Head of Communications at Marsa Maroc Fatim-Ezzahra Hrar.

She added that advisors at the Moroccan government would assess the company and would decide the amount to be offered.

Noteworthy, the company, which includes over 2,200 employees with annual revenues estimated at MAD 2 billion, manages terminals at nine Moroccan ports and provides logistic services.

Photo Credit: Arabianeye-Reuters