The government of Libya is reportedly planning to sell stakes in two mobile operators, Libyana and Al Madar, according to Bloomberg. Under the first phase of the sale plan, an initial 5% stake in the two wholly state-owned companies will be divested for a total of USD400 million, with the government planning to the offer further stakes of up to 40%.
Beltone Securities International, a subsidiary of Egyptian investment bank Beltone Financial, is said to be advising on the sale.
Libyana and Al Madar are the country’s only wireless operators and are both wholly state-owned via the Libya Post and Telecommunications Information Technology (LPTIC). Libyana, which launched in September 2004, had an estimated subscriber base of 6.55 million at 31 December 2009, while sole rival Al Madar, which started operations in November 1996, had 1.4 million cellular users at the same date.