Investments by foreigners and Moroccans settled abroad, in the Moroccan stock market has reached MAD 61.4bn (USD 6.8bn) in 2004, says Morocco's Deontological Council of Capital Goods (CDVM). This amounts to a 146% y/y increase.
CDVM attributed the increase to the listing of Maroc Telecom. Last year Moroccan government divested from Maroc Telecom, by offering an IPO. The IPO had issued shares at a price of MAD 68.25 per share collecting USD 1bn. Vivendi Universal also raised its stake in Maroc Telecom from 35% to 51% in 2004, at a price of EUR 1.1bn.