Etisalat to table offer to Maroc Telecom minority shareholders

Etisalat has issued an offer to buy out the remaining minority shareholders in Maroc Telecom.

In a filing to the local stock market, the company confirmed that it is submitting the tender based on the stock market rules that require anyone owning more than 40 per cent of the shares to make such a bid.

The shareholders are not required to sell though – so Etisalat could end up with a negligible increase in its 53 per cent stake.

Just 17 per cent of the company is listed on the local stock market, with the government owning the remaining 30 per cent. The government is not expected to sell its stake.

Although Etisalat is required to put in a bid for the 17 per cent, it is likely that the government will seek to prevent a total buy out as it would reduce liquidity on the stock market.