EMIRIAN COMMUNICATIONS 'SHARE RISES TO 53% IN MOROCCO'S ATTACK

The United Arab Emirates Communications Group now owns approximately 53 per cent of the company ATM Morocco, following the signing of the $505 million Agir deal, equivalent to 4.5 billion dirhams.

According to a press release published on the website of the Abu Dhabi Securities Market, the Emirates Group signed an agreement with the Abu Dhabi Development Fund to approve the Fund's share in the Communications Company for Investment in North Africa, which amounts to 8.7%.

An investment company in North Africa has a share in Morocco's communications.

It is expected that the financing of the operation "El Aadid", which totals 4.5 billion dirhams, will be made through bank loans, and the completion of the deal remains subject to meeting a number of conditions, according to the announcement of the Emirian group.

The leading group in the Middle East and Africa pointed out that the deal would positively affect the net unified profits of a communications group due to the decline of the minority's share in the unified results and the rise in the flow of future profits from Morocco's communications.

The declared document of the deal stated that Morocco's communications have a presence in 11 African countries. It also provides communications services including mobile and fixed telephone services and money remittance services via telephone.

In addition to the Emirian Communications Group, one of the contributors to the capital of the Moroccan Communications Group is the Depositary and Staffing Fund, through the collective pension system, then the Moroccan State.