The government of Morocco has raised MAD1.9 billion (USD198 million) by disposing of a 40 percent stake in state-owned port operator Marsa Maroc.
The stake was sold through an initial public offering of Marsa Maroc, which was launched on June 19, 2016.
The Moroccan Capital Markets Authority (AMMC) approved the prospectus of the initial public offering in the Casablanca Stock Exchange on June 10, giving the green light for the sale of the 40 percent of the company’s capital.
Marsa Maroc, valued at around MAD 5 billion, sold 29.36 million shares at MAD 65 each, raising MAD 1.94 billion, including MAD 600 million from shares sold to individual investors, according to Reuters.
Created in 2006, the port operator Marsa Maroc manages terminals at nine Moroccan ports and provides port logistics services.
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