Assets sold

[shak]

Half of all Fadesa Moroccan Assets have been sold to a Moroccan Company.

[riaz]

Anyone know which company?
It doesn't look good.

Which assets have been sold?

[kenz]

RABAT, Dec 10 (Reuters) - Moroccan property developer Addoha ADH.CS bought 50 percent of Spanish construction firm Fadesa's (FAD.MC: Quote, Profile, Research) Moroccan arm in a deal worth 1.3 billion dirhams ($167.9 million), Addoha said on Monday.

The Moroccan company said the move accelerated its development by four to five years, giving it a major stake in a series of high-profile tourism projects managed by Fadesa and access to the Spanish firm's international sales network.

Last month Addoha said it planned to raise around 2.1 billion dirhams by selling new stock to existing shareholders, boosting its equity capital after a series of land purchases.

The company's shares have soared since its initial public offering last year as it makes the most of a government-backed social housing drive and a boom in leisure, hotel and high-end housing projects.

Addoha stock was bid at 3,900 dirhams on Monday at 1036 GMT, up 37 percent this year and compared to an IPO price of 585 dirhams in June 2006. (Reporting by Tom Pfeiffer; Editing by David Holmes)

[shak]

Fadesa is suppose to pull out of Morocco completely by June 08. Rumour has it that the King has been very annoyed with the mess that Fadesa has created at Saidia. This was the first high profile plan Azur development where the King placed his reputation on linei.

Fadesa, has built without planning permission, and no infrastructure such as sewerage etc. I understand the person behind the purchase of Fadesa's Moroccan assets is the Kings Cousin who has a reputation for delivering.