Veolia Morocco arm opens capital to institutions

RABAT, Dec 11 (Reuters) - The Moroccan arm of French utility group Veolia Environnement (VIE.PA: Quote, Profile, Research, Stock Buzz) opened its capital to two financial institutions on Tuesday, saying the move would underpin its development in the north African kingdom.

Fipar, a unit of Moroccan state investment vehicle Caisse de Depot et de Gestion, acquired 9 percent of Veolia Environnement Maroc, while AIG Infrastructure Fund took 10 percent, officials said at a signing ceremony in the Moroccan capital Rabat.

"Through this stake acquisition ... Veolia Environnement wishes to have by its side top-tier national and international institutional partners able to accompany its development," Veolia said in a statement distributed at the ceremony.

The deal was worth 494 million dirhams ($63.83 million), based on the nominal value of Veolia Environnement Maroc's 26.49 million shares.

The utility, which owns water and power concessions in the northern Moroccan towns of Tangier, Tetouan, Rabat and Sale, said its annual consolidated turnover was 4.4 billion dirhams and net profit was 85 million dirhams.

AIG Infrastructure Fund is managed by Emerging Capital partners, a private equity group which oversees investments across Africa. (Reporting by Tom Pfeiffer, editing by Richard Chang)