Morocco sold 40% from state-owned port operator Marsa Maroc

Marsa Maroc Port AgadirGovernment of Morocco sold 40% stake from the state-owned port operator Marsa Maroc through an IPO on the Casablanca Stock Exchange, raising 197 million USD. The offering suffered from the knock-on effects of the euro zone debt crisis and a lack of foreign investors, but were sold 29,360,000 shares at a price of 6.65 USD per share for a total 197 million USD, including shares for 60.6 million USD sold to private investors. Marsa Maroc operates nine terminals in the ports of Morocco and participates in tenders for operation of another two terminals. The operator has plans for investments in port and terminal projects in North and West Africa, as well as expansion to neighbor countries.

Marsa Maroc and the finance ministry were not immediately available for a comment on the share sale.

Marsa Maroc is one of the largest port operators in the country and after IPO remained 60% state-owned. The company operates nine terminals and has 2,000 employees. The company has no debt and its business is estimated at 505 million USD with revenues during the last year of 219 million USD.