Itissalat Al-Maghrib emerged as the most active stock in Wednesday’s trading session, with a transaction flow of 33.3 million dirhams (MAD). Attijariwafa Bank secured the second spot with a volume of 26.13 million MAD, followed by Société Nationale de Sidérurgie at 20.29 million MAD.
The total trading volume reached over 173.21 million MAD on the Central Market (Equities). This surge in activity for IAM’s stock comes in the wake of a significant legal decision. The Emirati group “e&” (Etisalat and), the majority shareholder of Maroc Telecom, reacted this Wednesday to the Casablanca Court of Appeal’s recent decision, which confirmed that the Moroccan operator must pay 6.368 billion dirhams to inwi (formerly Wana) for abuse of dominant position.
In a statement issued this Wednesday, e&, the majority shareholder of Maroc Telecom, expressed its “disappointment” following the Court of Appeal’s decision condemning the historical Moroccan operator to pay 6.3 billion dirhams to inwi for abusing its dominant position.
Indicating that it “remains confident in its compliance and continues to adhere to all regulatory laws and rules across different markets,” the Emirati group stated it “firmly believes in the validity of Maroc Telecom’s legal position and intends to explore all available legal avenues to appeal this decision and protect ‘Etisalat and’s investments in Maroc Telecom.”
Additionally, e& assured its shareholders that this judgment “will not affect the consolidated financial results of the group for the second quarter of 2024 or subsequent periods, thanks to adequate coverage of international regulatory risks.”
Jassem Mohamed Bu Ataba Alzaabi, Chairman of the Board of e&, stated in the release, “It is regrettable that while global capital seeks to leverage the transformative power of technology to enhance digital infrastructure, smart government services, and digital solutions for citizens, a challenging regulatory environment negatively impacts the future prospects of our investments in Morocco.”
Hatem Dowidar, CEO of e&, emphasized the group’s commitment to fully comply with market laws where it operates. He added, “Empowering digital communities has been a cornerstone of e&’s success over the past decades. We assert that to drive the digital future, constructive cooperation between service providers, regulators, and legislators is essential to foster the desired development of communities and individuals.”
To recall, IAM was ordered on appeal, on July 3, to pay 6.368 billion dirhams to Wana Corporate (now inwi) for abuse of dominant position. The Casablanca Court of Appeal thus confirmed the decision pronounced in January by the capital’s commercial court, marking a first in Morocco regarding the judgment of anti-competitive practices.
