Morocco sells state company to French firm

29th May 2007, Comments 0 comments

RABAT, May 29, 2007 (AFP) - The Moroccan government and public institutions Monday sold their stake in the state-run maritime transport company Comanov to French firm CMA-CGM for 200 million euros (269 million dollars).

RABAT, May 29, 2007 (AFP) - The Moroccan government and public institutions Monday sold their stake in the state-run maritime transport company Comanov to French firm CMA-CGM for 200 million euros (269 million dollars).

The sell-off, part of a privatisation plan, will see Comanov, set up in 1946, fall into the hands of France's largest container shipping company.

The deal under which CMA-CGM acquired 99.49 percent stake in the company was formally finalised at a signing ceremony in Rabat.

Comanov operates five lines to Europe and has a fleet of nine ferries and carries about 800,000 passengers annually.

Moroccan Finance Minister said Rabat's privatisation programme would make the "Moroccan economy more modern, open and dynamic."

CMA-CGM, which has been operating in Morocco for 20 years, operates five weekly containers services to five European ports: Le Havre, Anvers, Rouen, Dunkirk and Rotterdam.


Copyright AFP

Subject: French news

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