Libyan cellcos to list 30% stakes on stock exchange in early-2011

26 Oct 2010

State-owned Libyan mobile phone operators Al Madar Telecomm Company and Libyana will each list 30% stakes on the local stock exchange early next year, reports Reuters Africa. Chairman of the bourse Suleiman Shehoumi said that the two cellcos would be among as many as 20 local firms expected to list themselves on the exchange in 2011. The move suggests further progress in the gradual opening up of Libya’s economy; long-standing international trade sanctions were lifted by the US in 2004, after Libya publicly turned its back on weapons of mass destruction.