The government has finalized the sale of its stake in the Mamounia Hotel, the kingdom’s oldest and most renowned hospitality hotel, to the state-owned OCP Group for 1.7 billion dirhams ($173 million), according to media reports.
The report highlighted that by the end of 2023, the ownership structure of the Mamounia Hotel was divided among several government-owned companies and entities.
It mentioned that OCP Group, now a controlling shareholder, previously held a 40% stake.
Conversely, the Moroccan National Railways Office (ONCF), the hotel’s builder and former majority owner, has had its stake reduced to less than 10%.
The Mamounia Hotel reported a stellar financial performance last year, with net profits soaring 10% to a staggering 226 million MAD, according to official documents obtained by Asharq.
The Moroccan government prepared several years ago a list of non-strategic assets targeted for sale.
The list includes, alongside the Mamounia Hotel, Marsa Morocco with a 25% government stake, Maroc Telecom with a 22% government stake, Tahaddart Power Plant, the Bioproduction and Veterinary Pharmaceutical Industries Company, and the National Seed Marketing Company.
Due to its historical significance, Moroccan legislators had previously expressed concerns about including the Mamounia Hotel in the government’s divestment list.
However, Minister of Economy and Finance Nadia Fettah Alaoui assured that all assets up for sale would remain under Moroccan ownership.
The Asharq report highlighted that the Moroccan government aims to raise 5 billion MAD ($509 million) in revenue through the sale of its stakes in various companies as part of the 2024 budget.
It mentioned that the government has already achieved 34% with last month’s sale of its entire stake in the Mamounia Hotel.
For context, the most recent state divestment took place in December 2023, when Morocco sold its stake in the development company for the new city of Mazagan to OCP Group for 1.6 billion MAD, making it the sole owner of the project.
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