3 Nov 2009
The CEO of Meditel has revealed that the Moroccan mobile and fixed line operator plans to invest a total of MAD4.2 billion (USD315 million) in its networks in the 2008-2011 period, with 75% of the investment coming directly from the firm’s domestic backers. Mohamed Elmandjara said in an interview that in the years prior to the USD1.14 billion sale of Portugal Telecom’s and Telefonica’s stakes to private group FinanceCom and state fund CDG in August 2009, there was a ‘transfer of technology’ into Meditel. ‘As a result, the company’s development is being carried out by its own employees and managers who accumulated expertise and skills,’ the CEO said. He did not rule out the possibility of a partnership with a foreign operator (a stock exchange listing has also been mooted), but insisted Meditel can grow on its own. Morocco’s second largest mobile operator, which also has a small but lucrative fixed telecoms business, has identified the expansion of its corporate internet and telephony services as a high priority. ‘We have high growth in the corporate business segment and we are intent in putting more effort in it,’ stated Elmandjara.