Libyan telcos plan for IPOs in April 2011

Libyan government conducts UAE road shows to raise investments

Tags: Al Madar Telecom Co. ( ( Arab Emirates
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Libyan telcos plan for IPOs in April 2011 Two Libyan telcos, Al Madar and Libyana, are to be floated on the North African country's stock exchange. (Getty Images)
By  Nithyasree Trivikram Published  December 23, 2010

Libyan telcos Al Madar and Libyana are to be floated on the North African country's stock exchange by the end of April 2011, according to Gamal Al-Lamushe, Libya's chairman of the privatisation and investment board.

"We are working on it with Al Madar and Libyana. Probably about two to five percent, that is the maximum that will be floated," Al-Lamushe was quoted as saying in a Reuters report. Recently, he participated in a road show in the UAE to raise investment in various sectors.

In October, Suleiman Shehoumi, the chairman of Libya's bourse told Reuters that each company would list 30% on the local market.

However, Al-Lamushe said that this was unlikely. "I don't think that much will be floated. The capacity of the Libyan stock market is very limited. It will not be a good idea to float such a big amount of capital," he added.    

The group of government officials seeking investment from the UAE, among other rich Gulf states, have started the road show in Dubai and will be travelling to Abu Dhabi next week.

"Their goal is to raise LYD 5-10 billion ($3.95-7.91 billion) for the real estate, trade, transport and construction sectors," said a statement issued by the delegation, as reported by Reuters.

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