Reuters reported that Libyan government plans to list 10% of state owned iron and steel company on the local bourse to test investor appetite for larger state assets.

Mr Soliman Shehoumi chairman of Libya bourse said that the company, which says it is worth USD 4.22 billion, will join 10 other firms quoted on the small Libyan stock market. Most of the country's listed companies are small businesses, including state owned banks.

He added that "Listing such a huge company is not easy. It represents a big challenge to the authorities, including the bourse authority. The floating of 10% stake of the steel company is a first step to test the market and gauge the investor appetite for such offer."

Mr Shehoumi said that "We are in the stage of building a stock market, educating investors and attracting more investors. We need time to grow a normal and well organized bourse."

(Sourced from www.reuters.com)