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Libya telecom IPOs to float in April

January 19, 2011 • Mobile and Telecoms, Top Stories

Libyan President Moammar Gaddafi

Libyana and Al Madar, Libya’s cell phone operators will float on the country’s stock market by the end of April 2011, Libya’s head of the privatization and investment board announced Wednesday.

“We are working on it with Al Madar and Libyana. Probably about two to five percent, this is the maximum that will be floated,” Gamal Al Lamushy told reporters in the United Arab Emirates.

Previous reports mentioned that the company would locally list 30 percent late last year, in which Al Lamishy announced would have been improbable.

“I dont think that much will be floated. The capacity of the Libyan stock market is very limited and it will not be a good idea to float such a big amount of capital,” he added.

Among these sectors is the newly partially-privatized Kamash petrochemical plant, which was set to be listed in the stock market in May 2011. The state owned and operated complex produces salt, PVC, Hydrochloric acid and chlorine.

“We are receiving offers from different companies from all over the world,” he announced. “Our brothers in the Gulf are our first choice for investments in Libya,” Al Lamushy added, addressing investors during a road show in the UAE aimed to stimulate investments in different Libyan sectors.

In a statement released by the North African country’s delegation, they announced that their aim is to raise five to 10 billion Libyan dinars ($400 million) for real estate, transport, trade and construction sectors.

Since Libyan President Mu’amar Al Gaddafi opened his country’s markets to foreign investments, business has flourished in the North African country after years of economic sanctions and world isolation.

By Manar Ammar

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