Shares in Sahara Bank, which is partly owned by France's BNP Paribas, resumed trading on the Libyan Stock Market this week.

An official from the LSM told The Libya Report on 12 June that the bank had now provided the required documentation to the authorities and its listing had been reactivated. 

Shares began trading at LD9.12 ($7.24) and had risen by some 12% to reach LD10.25 ($8.1) on 11 June before falling back slightly on 12 June. The bank's market capitalisation stood at LD387m ($307m) at the close of trading. 

In 2007 France's BNP Paribas paid €145m (LD233m) for a 19% stake in Sahara Bank, which was originally established in 1964 as the Banco di Sicilia before being nationalised in the 1970s. As part of its agreement, BNP Paribas retained the right to raise its shareholding in the bank to 51% by 2012.

The LSM reopened in mid-March 2012, with trading volumes remaining thin. Several other listed firms, including Al Ahliya Cement, are still suspended as the companies have not yet provided the required documentation to the regulator.

Registered users login:

Subscribe now for full access

Register today for our free weekly newsletter