Libya to Buy into Tunisie Telecom?

A unit of Libya's sovereign wealth fund is reported to be in talks to buy a 35-percent stake in state-owned Tunisie Telecom.

Emirates International Telecommunications LLC (EIT), a subsidiary of Dubai Holdings, has put its 35-percent stake in the company up for sale to cut its debt; it bought the stake for $2.25 billion in 2006. J.P. Morgan Chase valued the stake at $650 million in a July research note.

Sources said that LAP GreenN, a subsidiary of the Libyan Africa Investment Portfolio (LAP), which is in turn owned by the sovereign wealth fund Libyan Investment Authority (LIA) , is doing due diligence on the potential purchase, and has hired an international investment bank to advise it.

The Libyan Investment Authority (LIA) has scored second-lowest in a world ranking of sovereign wealth funds, in terms of accountability and transparency.

(Sources: Reuters)

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