2023-07-18 19:15:00
As part of the efforts to restructure public enterprises, the National Agency for the Strategic Management of State Participations and for monitoring the performance of public establishments and enterprises (ANGSPE), created for this purpose, has initiated strategic dialogues.
Indeed, in cooperation with the competent authorities with several public companies-actors and companies with significant socio-economic risks, the entity works for the transformation into joint-stock companies. It must be said that the transformation of public establishments into joint-stock companies is a process by which a public establishment, owned and managed by the State or a public entity, is converted into a joint-stock company, generally subject to the rules and regulations of the Corporate law.
In this context, official data confirms that an action plan has been drawn up for the restructuring process, since the focus is initially on the following institutions, the National Office for Electricity and Drinking Water (ONEE), the National Office of Railways (ONCF), the National Office of Airports (ONDA), the National Office of Hydrocarbons and Minerals (ONHYM), the Moroccan Office of Industrial Property and (OMPIC), the National Ports Agency (ANP) and the Maghreb Arab Press Agency (MAP).
The data indicate that great progress has been made in this direction. The agency is also working to structure the public media sector. Other institutions will also be added to the Agency’s action plan depending on the progress of the strategic dialogues and the preparation of the structural measures. Responsible, the action plan of the Agency for this year concerns the transformation of 5 priority establishments into joint-stock companies. These include the National Airports Office (ONDA), the National Railways Office (ONCF), the Moroccan Office for Industrial and Commercial Property (OMPIC), the Arab Maghreb Agency (MAP) and the National Office of Hydrocarbons and Minerals (ONHYM).
These legal transfers of public enterprises are implemented in accordance with applicable laws, as they are part of an overall vision of improving the governance and performance of these institutions and public procurement, and this aims to achieve the objectives set by the legislator for the reform process.
Abdellatif Zaghnoun, appointed just a year ago, managing director of ANGSPE, confirms, according to the newspaper “The Economist”, that there are about fifteen other public companies which must be transformed into limited companies within five years from the date of publication of Framework Law No. 50-21 on the reform of public establishments and enterprises (BO No. 7010 – 25 hija 1442 (5-8-2021)). According to him, the ANGSPE will not replace public institutions and project management in the implementation of its projects, but will rather provide support and advice to accelerate the transformation and structuring processes of these institutions and procurement.
The public portfolio is made up of 225 public enterprises, 44 public enterprises with a direct contribution to the Treasury, and 498 subsidiaries or public holdings, experiencing varying degrees of imbalances, some of which are linked to their financial returns, the balance of their budgets, to the deepening of their indebtedness, the system of their governance and control, the credibility of their economic models, the overlapping of tasks…
Some of them, even many, depend on state subsidies, and their weak immunity in the prevention of risks, according to previous reports by the ANGSPE. This transformation in the making can have several objectives.
It can be undertaken with the aim of favoring the partial or total privatization of the public establishment, by opening up its capital to private investors. This can bring additional capital to the establishment, promote more efficient and market-oriented management, and improve its competitiveness. The transformation into a joint-stock company can also facilitate the listing of the establishment on the stock exchange, thus allowing an increase in its visibility and its access to the financial markets.
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