LAIP approves major step towards launching Misurata cement production
The Libya Africa Investment Portfolio has approved the creation of a new joint-stock company for the production and marketing of cement, as part of a broader package of investment and organisational measures adopted by its board in Tripoli.
The decisions were taken during the board’s third regular meeting, held on Thursday, according to a statement obtained by Libyan Express.
Among the key measures approved was a revision of LAIP’s organisational structure, intended to improve institutional performance and strengthen the management of its financial and administrative resources. The board also endorsed amendments to the portfolio’s articles of association and approved the formation of specialised committees operating under its authority.
A significant portion of the meeting was devoted to the proposed Misrata cement project. Board members reviewed a study prepared by the executive management following an earlier directive and agreed to reconstitute the committee responsible for overseeing the project.
The board then authorised the establishment of a joint-stock company specialising in cement manufacturing and marketing. LAIP’s executive management was instructed to complete the legal and administrative procedures required to establish the company in accordance with the framework discussed during the meeting.
The board also considered plans to develop a number of LAIP-owned real estate assets. These included a proposal for an integrated tourism development on land in the Ghout Al-Rumman area of Tajoura, as well as plans to build a new headquarters for the portfolio on a separate site within the municipality.
In addition, directors reviewed operational and administrative matters relating to several subsidiary companies and issued a number of decisions as part of the board’s continuing oversight of their activities and business plans.
LAIP said the measures were intended to modernise its internal structure, improve the management of its assets and support the expansion of its investment projects in line with the portfolio’s long-term strategic objectives.
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