Morocco’s Ministry of Economy and Finance recently published offers in London’s financial markets to choose international banks for assisting in the process of partially privatizing the country’s tobacco monopoly, Regie des Tabacs, reported Al-Hayat. The banks will be commissioned with providing the required financial and technical support for selling the government shares in the company.
The partial sale of Regie des Tabacs is part of the government's ongoing privatization plan. The whole tobacco sector is expected to be completely liberalized by 2004. Established in 1910, Regie has a capital of 600 million dirhams ($52 million) and generates an annual MD 8.5 billion ($729.4 million) turnover.
Since the Moroccan government launched its plan to sell 114 state-owned companies in 1993, the National Treasury has earned approximately MD39 billion in privatization receipts. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
