The Moroccan government will sell a 35% strategic stake in the Societe d’Exploitation des Ports, the country’s national port and terminal operator, known as Marsa Maroc, to Tanger Med for approximately 5.48 billion MAD ($600 million).
In a statement, Marsa Maroc said the transaction is subject to the clearance of regulatory conditions and will be carried out on the over-the-counter (OTC) market. The Moroccan state shall retain 25% capital of Marsa Maroc.
This transaction shall be carried out under the framework of the ongoing public sector reform, initiated under Royal Guidelines. The Morocco state shall pursue its policy of supporting various strategic sectors, in particular through state owned enterprises.
Tanger Med and Marsa Maroc, while keeping their independence, will implement a strategic partnership allowing them to develop synergies and empowering Morocco with a strong group able to meet the logistics challenges of the national economy.
This partnership will also enable Moroccan industrialists, importers and exporters, with a more efficient and competitive service offering, in the context of the dynamic reconfiguration of international logistics corridors.