The Moroccan state will sell a stake of 35% of the share capital in the terminal operator, Marsa Maroc, to Tanger Med group.

“Within the framework of the Royal Guidelines related to public sector reform, the Moroccan State will sell to Tanger Med group, a strategic stake of 35% of the share capital of Marsa Maroc,” said Marsa Maroc in a statement.

The price of the transaction has been set to MAD5.48 billion (US$610 million), according to the announcement, while the Moroccan State will retain 25% of the share capital and voting rights of Marsa Maroc.

This strategic partnership aims to empower Morocco with a strong group able to meet the logistics challenges of the national economy, according to a statement.

Source : Container-News