CDG : Orange enlarges its stake in Medi Telecom
In accordance with the agreements signed in 2010, the Orange Group increased its stake in Medi Telecom on July 24, 2015 by acquiring 9% of the capital. As a result of this transaction, a shareholding of 49% of Medi Télécom is now owned by the Orange group, 25.5% by FinanceCom group and 25.5% by the CDG Group. Medi Télécom will now be fully consolidated in the accounts of the Orange group.
This change of ownership is accompanied by a reconfiguration of the Board of Medi Telecom. The Board of Directors will now consist of five members nominated by Orange and four members nominated by the Moroccan side. The chairmanship will continue to be provided by Mr. Othman Benjelloun. By this increase, the Orange Group reiterates its confidence in the fundamentals of Medi Télécom and intends alongside FinanceCom and CDG groups to actively participate in the development of Medi Telecom and establish it as a benchmark operator in the country’s telecommunications industry.
Medi Telecom will continue to carry out its strategy to increase its market share in all segments of the market, to provide the best quality service to its customers, and it reaffirms its commitment to speed up its path of profitable growth.