Morocco to privatise Comanav

Comanav, the Moroccan ferry, container and ro-ro vessel operator still majority owned by the state, is to be privatised by the end of the year, chief executive Toufik Ibrahimi said on Friday. The state currently holds 52% of the company, with the balance owned by the Caisse de Dépôt et de Gestion and Banque Marocaine du Commerce Exterieur.

An international tender to pick up the state's shareholding will be issued in September, with offers to be received by December at the latest. The choice of the candidate will be made soon afterwards, a Comanav source said.

The privatisation has been on the agenda for some time, and has been brought forward because of an improved financial position. "The company still has a debt of Dirham 1Bn [$115M], a normal level in the industry.

However, in order to strengthen its finances, Comanav would need to see investors injecting ideally Dirham 4-5Bn," Ibrahimi commented. Comanav currently operates a mixed fleet of 12 ferries, container vessels and ro-ros, both owned and chartered.

Algeciras - Ceuta

1 x Foot Passenger(s) Return

Travelling on:

04/06/2012 - 07/06/2012

£30

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Tanger Med - Algeciras

Car + 2 Return

Travelling on:

03/06/2012 - 22/06/2012

£190

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Tanger Med - Algeciras

Car + 4 Return

Travelling on:

02/06/2012 - 09/06/2012

£288

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