Maroc Telecom concludes SOTELMA acquisition

According to Malian news source L’Essor Maroc Telecom has completed the acquisition of 51% stake in state-owned telco Societe des Telecommunications du Mali (SOTELMA). The Moroccan company won the bidding for the Malian incumbent in March 2009, after initial bids for SOTELMA were rejected by the state in January 2009 for being too low. Maroc Telecom paid XOF180 billion (USD392.5 million) for its 51% stake, and commenting on the completion of the deal Abdeslam Ahizoune, CEO of Maroc Telecom, said: ‘We are aware the responsibility is now ours to meet the multiple objectives of this operation. We were attracted by the business environment in Mali: an environment characterized by stability of the institutions, democracy and transparency, good governance, all things that prompted us to commit ourselves with confidence and serenity on a long-term investment. The investments we will engage in future years will improve the performance of SOTELMA to cope with competition.’