Malta-based developer, Mediterranean Investments Holding Plc, announced that it is seriously considering a EUR100 million (US$132 million) public share offering in London's stock exchange. The developer is currently holding discussions with private equity investors as well. The net proceeds from the fundraising operations will be used to finance homebuilding projects in Libya .
Mediterranean Investments Holding Plc is controlled by Kuwait's National Real Estate Co. and The Corinthia Group. The developer had obtained land in the northwestern village of Janzur. Managing director Reuben Xuereb said in an interview that the company plans to construct more than 250 homes along with an extensive entertainment complex by early 2014.
Libya faced difficult times during the country-wide revolt against Qaddafi in 2011. Today, the Libyan government is looking for private investors to kick-off the development in the country.
"The country has tremendous opportunities and huge potential for growth in various sectors of the economy, be it energy, infrastructure or real estate development. Needless to say, some people are still worried about whether this is the right time to go," said Mr. Xuereb.
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