Morocco pension fund acquires 16m Maroc Telecom shares
28 June 2019
Morocco’s retirement pensions fund Regime Collectif d’Allocation de Retraite (RCAR) has acquired 16.229 million shares of Maroc Telecom (IAM), following the government’s decision to float 8% of the company’s shares on the local stock market. The Moroccan Capital Market Authority (AMMC) disclosed that the transaction increased RCAR’s shareholding in IAM to 5.81%. The first stage of the floating includes the sale of 6% of the capital (52.746 million shares) as ‘block order to local institutional investors (three pension funds, five insurance companies and three banks)’, while the remaining 2% (17.582 million shares) will be floated on Casablanca Stock Exchange (CSE) as a public offering.