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 Wednesday, November 25, 2009

­The Libyan government has announced plans to sell small stakes in the country's two mobile phone networks as part of a wider plan to sell off state owned corporations. The IPOs will offer shares in the government's two mobile telephone operators, al Madar and Libyana, as well as in Iron and Steel Company and National Commercial Bank.

The government also announced details of tax breaks to make trading on the local stock exchange more appealing to investors.

"The trading volume remains small because we are still at the start, but I expect that with new regulations ... the Libyan stock market will become one of the most active in North Africa and the Arab region," Seleem Naas, chairman of Libyan brokerage Sarab Foreign Exchange and Financial Services told the Reuters news agency.

Earlier this year, Etisalat said it had submitted a bid for Libya's third mobile phone license, although nothing further has been heard.

According to figures from the Mobile World, Libyana is the dominant operator with 83% of the market, followed by Al Madar. The country has a population penetration level of 134%.

Source: Cellular News