The Moroccan government has sold a 40% stake in state-owned port operator Marsa Maroc as it looks to raise funds for an expansion plan, while looking for further opportunities in northern and western Africa, according to Reuters.
The 40% stake was reportedly sold off for US$197 million and the port-operator is currently looking to place bids for two other terminals at Casablanca Port.
An unnamed trader said: “It is a good deal with almost zero risk. Marsa Maroc has no debt and the government will continue to take dividends due to public deficits.”
The move is in line with previous PTI reports that Morocco is planning to become a key economic hub for regional container trade in Africa.
To support this plan, the country is planning to build five major ports by the end of 2030.
APM Terminals (APMT) previously announced that it will develop and operate the first automated transhipment terminal at the Tanger-Med 2 port complex in Tangier.
The terminal operator currently has five operational terminals in Africa in locations which include Guinea and Angola.
It also has four terminals in the continent that are undergoing upgrades or expansion projects, including Liberia and Nigeria.
Its newest terminal project is situated in Tema, Ghana of which it will invest US$1.5 billion as part of a joint-venture project with Bollore Africa Logistics and the Ghana Ports and Harbour Authority.