Middle East Economic Survey

VOL. XLVII

No 51/52

20/27-December-2004

CAPITAL MARKETS

Maroc Telecom IPO Oversubscribed 21 Times

In an attempt to balance its budget, the Moroccan government has launched a MD9bn ($1.08bn) initial public offering (IPO) through which it sold 14.9% of Maroc Telecom. The IPO, estimated to be the biggest in Africa (excluding South Africa), was oversubscribed more than 21 times on the Casablanca Stock Exchange (CSE) and 33 times on the Paris Stock Exchange (PSE or Euronext...