Libyan stock market opens

2012-03-15 15:09

Tripoli - Libya's stock market opens on Thursday for the first time since the fall of Muammar Gaddafi with trading in 10 companies valued at $3.1bn, its general manager told AFP.

It is a modest but significant step for the North African nation which is seeking to re-launch its economy after decades of dictatorship that stifled private companies and subjected banks to the whims of Kadhafi and his clan.

"We open trading in 10 companies with a capital value of 3.9 billion Libyan dinars," Ahmed Karoud said ahead of the inauguration as technicians hurriedly configured backlit panels blinking the colours of the revolution.

Most of the shares being traded represent the financial sector, including private banks and insurance firms, although a cement company also made the cut in the country which places reconstruction high on its agenda.

An Islamic fund and a real estate company would start trading in June, Karoud added, with oil companies and telecommunications giants Al-Madar and Libyana next in line.

"Before February 17 there was no rule of law," Karoud said in reference to the start date of the revolt that plunged the country into a civil conflict that ended with the toppling and killing of Gaddafi in October.

The Mediterranean state, he said, hopes to become the main financial link between Europe and the rest of Africa. Its stock market, he added, was modelled on Abu Dhabi's and has ambitions of expanding.

"We still don't have a government but we have the capacity and infrastructure necessary to become the financial hub of North Africa," he said predicting a new chapter of foreign investment, innovation and development.

Stable country

Karoud said a pro-Gaddafi brigade seized the former stock market building in June last year simply because it took a fancy to its location.

Employees had to evacuate documents and backups in their private cars, he said.

"This opening sends a sign to the world that Libya is now a stable country where the economy is kicking off again," he said, adding investors can expect huge returns on investments in the coming years.

All companies traded would enjoy a five-year tax break in a bid to boost trading, he said, which will also be open to foreign investors.

The 10 companies are Wahda Banks, Al-Tijari Bank, insurance company Al-Mutahida lil-Tamin, Libyan Insurance Company, Al-Ahliya Cement, Tijara wa Al-Tanmiya Bank, Al-Sahara insurance company, Mutawasit banks, Gumhouriya bank, and the stock exchange itself.

The Libyan Stock Market is also opening a branch in the second city of Benghazi, allowing buyers in the east and west to make purchases. It also hopes to set up an electronic trading facility in the coming months.

- SAPA

Read more on:    muammar gaddafi  |  libya  |  north africa
NEXT ON NEWS24X

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
8 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
 

'Zuma's legacy will be judged by Nkandla'

The legacy of President Jacob Zuma is contingent on how he deals with the issue of upgrades to his Nkandla homestead, says Cape Town Archbishop Thabo Makgoba.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters
 
Traffic
Lottery
 
  • Thursday Sir Lowry's Pass - 05:35 AM
    Road name: Old Sir Lowrys Pass Road
    TRAFFIC LIGHTS not working at Bezweni Road
  • Thursday Cape Town - 05:35 AM
    Road name: Buitengracht Street
    TRAFFIC LIGHTS not working at Waterkant Street
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Escape winter, head to Mauritius

Escape winter by spending 7 nights in Mauritius' tropical bliss from R13 215 per person sharing. Includes return flights, airport transfers and accommodation. Book now!

Kalahari.com - shop online today

Get many eggs in one basket!

Gaming bundles: 2 Super Hits games for R99, 3 Disney games for R99 and more + exclusive accessory bundles only available on kalahari.com. While stocks last. Shop now!

25% off bestselling books!

The Real Meal Revolution by Tim Noakes, Jeffrey Archer’s Be Careful What You Wish for, Man’s Search for Meaning by Victor E. Frank and many more titles. Shop now!

Up to 25% off electronics

Buy top electronics and save up to 25%. Such as kalahari.com’s 1# selling product the gobii eReader, Patriot X Porter flash drive, Asus Nexus 7” 3G tablet, Samsung Galaxy SIII, Lenovo G580 Notebook and many more. Shop now!

DStv HD PVR Decoder now R949

The DStv HD PVR Decoder has further revolutionised the television experience with lifelike viewing, sharper images, more vibrant colours and precision picture quality. Now R949, save R550. Offer valid while stocks last. Shop now!

Up to 30% off appliances & homeware

Save up to 30% on appliances and homeware this Easter! Offer valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Samsung Galaxy Tab P7500 10.1" Tablet With WiFi & 3G

Samsung Galaxy Tab 10.1 gives you a better experience for...

From R4999.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

You may be good at organising events but they do take their toll on your energy levels. You may need some time out today just to...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.