The Libyan Stock Market (LSM) has nominated its management and says that two companies have been delisted from the main index of the bourse.

The LSM said that its annual meeting, held on 30 January, had approved the following board members:

  • Ahmed Karoud (Chairman)
  • Abdelmonam Mohamed Abu Hadi
  • Balaam Abdelkader Balaam
  • Mohamed al-Harish (representing brokerage firms)
  • Ali Amar al-Raqia (representing listed companies)
  • Ahmed Baitemal (representing auditors/accountants)

The meeting agreed that firms listed on the main market of the bourse should provide income statements, balance sheets, cashflow statements and notifications on changes in equity.

Not all companies currently provide the information, and the LSM has in the past called on listed firms to be more transparent in communicating basic financial details.

The LSM decided to list Ahliya Cement Company and Assaray Bank from the main market until they provided greater disclosure. Trading on both companies has been virtually non-existent since the LSM reopened in March last year.

It also said that it had rejected an application from the Manara Maharat Real Estate and Contracting company to list on the bourse. The LSM said the listing  would be delayed until the company had met all necessary requirements", in particular by achieving the profit levels required by the exchange.

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