(Ecofin Agency) - Now having the ability to appoint five members to the Board instead of only four for its Moroccan partners, the French telecommunication operator has just added a new subsidiary to its portfolio in Africa. A supposition that has been confirmed by the press release announcing on Friday 24 July the increase of its shareholding to 49% in the capital of the second mobile operator in Morocco.
“The company will now be globally consolidated in the accounts of the Orange group”, the communiqué from the group reads. Speaking on this subject during an interview given to the French newspaper Le Figaro, Stéphane Richard, CEO of the group explains that the current development, which received all the necessary authorisations, will enable the introduction of the Orange brand in Morocco.
In 2010 the French operator bought into the capital of the second Moroccan operator for a 40% share amounting to €600 million. On that occasion an agreement was signed with the Moroccan shareholders to allow the French group to increase its share after five years. "We are today enforcing this clause which allows us to increase our share to 49% in the capital of Méditel", claimed Mr Richard.

This is a new bid from the French group which was showing signs of slowing on some of its African markets, dragged down by difficult performances in Kenya, Egypt or Cameroon. The group even had to let go of its Ugandan subsidiary.

In the meantime, it seems to have worked at strengthening its Mobile Banking segment. Orange recently unveiled part of its strategy, by announcing negotiations with the Indian operator Barthi Airtel to acquire Chad, Burkina Faso, Congo Brazzaville and Sierra Leone subsidiaries.