The Libya Africa Investment Portfolio has approved the establishment of a joint-stock company specialising in cement production and marketing, as part of a wider plan to expand its investments and improve the management of its assets.
The decision was made during the portfolio’s third regular board meeting, held on Thursday in Tripoli. The meeting approved a package of organisational and investment measures, including amendments to the portfolio’s organisational structure and articles of association.
The board said the structural changes are intended to improve institutional performance, strengthen resource management and increase the effectiveness of the portfolio’s administrative and investment operations. It also approved the formation of specialised committees operating under the board of directors.
Regarding the Misrata Cement Plant project, the board reviewed a study prepared by the executive management following an earlier mandate. It then decided to restructure the committee responsible for the project.
The board subsequently approved the establishment of a joint-stock company dedicated to manufacturing and marketing cement. The executive management was instructed to complete the legal and administrative procedures required to establish the company in accordance with the plan discussed during the meeting.
The meeting also examined several proposals for developing the portfolio’s real estate assets. These included a plan to build an integrated tourism development on portfolio-owned land in the Ghot Al-Rumman area of Tajoura Municipality.
Another proposal involved constructing a new headquarters for the Libya Africa Investment Portfolio on land it owns within the same municipality.
Board members also reviewed the performance and operational plans of several affiliated companies and adopted a number of related decisions.
The portfolio said the measures form part of its efforts to modernise its organisational system, expand its investments and improve the management of its assets. It added that the projects are intended to support its strategic objectives and increase the value and efficiency of its investment portfolio.