Libyan mobile telephone operators Al Madar and Libyana will float on the North African country's stock exchange by end of April, Libya's chairman of the privatisation and investment board said.

'We are working on it with Al Madar and Libyana. Probably about two to five percent, that is the maximum that will be floated,' Gamal Al-Lamushe told Reuters during a road show in the United Arab Emirates to raise investment in various sectors.

In October, Suleiman Shehoumi, the chairman of Libya's bourse told Reuters that each company would list 30 percent on the local market.

Al-Lamushe said this was unlikely. 'I dont think that much will be floated. The capacity of the Libyan stock market is very limited. It will not be a good idea to float such a big amount of capital.'    

The govenment has also started the partial privatisation process of the state-owned Abu-Kammash petrochemical complex, that was planned to be listed on the stock market in May.

The plant produces chlorine, salt, PVC, hydrochloric acid and caustic soda and employs about 1,300 workers. 'We are receiving offers from different companies from all over the world,' he said.   

The group of govenment offcials seeking investment from the UAE, among other rich Gulf states have started the roadshow in Dubai and will be travelling to Abu Dhabi later next week.

'Our brothers in the Gulf are our first preference for investments in Libya,' Al-Lamushe told a group of investors gathered at the conference.   

Their goal is to rasie 5-10 billion Libyan Dinars for the real esate, trade, transport and construction sectors, a statement issued by the delegation said.   

Libya, home to Africa's biggest proven oil reserves, has attracted a wave of investment since its leader Muammar Gaddafi renounced illegal weapons programmes and brought the country out of decades of international isolation.   

Some foreign investment analysts say Libya has the potential to become a regional financial hub, but that more reforms, as well as a more predictable regulatory environment, are needed before that can happen. - Reuters