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Morocco is planning to sell a 40% stake in state-owned port operator Marsa Maroc via an initial public offering (IPO) on the Casablanca stock exchange, bourse regulator AMMC said on Monday.

 

The offering would be the first IPO this year in Morocco and the first ever for a privatisation. It could help revive Casablanca's stock market, which has suffered from the knock-on effects of the euro zone crisis and a lack of foreign investors.

 

Morocco's stock market was downgraded to "frontier" status by index provider MSCI in 2013, due to a lack of liquidity.

Moroccan bank Attijariwafa bank has been hired for the offering expected from June 20 to June 30 involving 40 percent of Marsa's shares, the regulator's statement said.

 

Marsa Maroc was established in 2006 and manages terminals at nine Moroccan ports and provides logistic services. The port operator has said it is seeking funds for expansion as it plans to bid for two other terminals at Casablanca Port and is looking for opportunities elsewhere in North and West Africa.

 

The Company had more than 2,000 employees and annual revenue of 2.17 billion dirhams in 2015, company data showed.

 

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