Libya to Sell Stakes in Two Cell phone Firms

Libya plans to sell up to 40% of the country’s two mobile phone firms Libyana and al Madar, the chief executive of the bourse said, as the government moves to open its economy and attract foreign investment.

Suleiman Ashhoumy told reporters in an interview that the sell-off would give foreign and local investors an opportunity to own shares in the two phone companies and trade their shares on the Libyan bourse.

The flotation would start as soon as the state-controlled Privatisation and Investment Board has completed the financial assessment of the two firms, he added.

He was reported telling Reuters, that immediately after the end of that assessment, five percent stake of each of the two companies would be sold on the bourse. More sell-off of five percent share would follow in successive stages until we reach 30% or 40% stakes of these two firms, he said…read more 

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