Mobile Operator Libyana to be Floated

Libya plans to list one of its two state-owned mobile phone operators on the stock exchange next year.

Reuters reports that Libyana, with annual revenue in excess of $1 billion and a 70 percent market share, could be floated on the Tripoli stock exchange in the second quarter of 2014.

The company is currently owned by the Government-controlled Libyan Post, Telecommunication and Information Technology Co (LPTIC), which also owns the other operator, Al Madar [Almadar]. Together, the two operators have 10 million subscribers.

LPTIC Chairman Faisal Gergarb said:

"It all depends on the local stock exchange, whether they're ready, it depends on Libyana as well but that's the intention."

He also said LPTIC planned to use Al Madar as a platform to invest internationally. Libya Herald also quotes Gergarb as sayin that Al Madar was also likely to be floated later next year.

Consultants Booz Allen have been engaged to develop the Libyana and Al Madar business models.

The country's first private mobile phone licence is expected to be put to tender next year, with companies such as UAE's Etisalat and Kuwait's Zain having expressed interest.

(Sources: Reuters)

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