Orange now holds 49% of Méditel’s share capital
Fipar-Holding (the Moroccan Caisse de Dépôt et de Gestion group), FinanceCom and Orange signed the final documentation today increasing Orange’s interest in Méditel, the Moroccan telecommunications operator, in application of the agreements they signed in December 2010.
Through this transaction, Orange has acquired an additional 9% of Méditel’s capital and benefits from the rights set out in the December 2010 agreements. As a result, Orange now holds 49% of Méditel’s share capital. The Board of Directors of Méditel will now be composed of five members proposed by Orange and four members appointed by the Moroccan shareholders. The company will now be fully consolidated in the financial statements of the Orange group.
Created in 1999, Méditel opened up the telecoms market in Morocco in both fixed and mobile services. The operator has undertaken massive investments in its networks, which now include over 5,400 km of fiber optic cable, including 870 km in Morocco’s ten largest urban areas. In addition, Méditel will complete the overhaul of its mobile network this year, extending its 3G coverage to 95% of the population. …read more