Libyan stake in Circle Oil tumbles
Colonel Muammar Gaddafi's state investment firm Libyan Oil Holdings has seen its stake in the €250m-valued Irish resources firm Circle Oil tumble by almost 10 per cent as revolution unfolds in the African state.
Libyan Oil Holdings is the largest shareholder in Circle Oil, which is chaired by Tom Anderson. It was set up the the late David Hough. Libya holds a near 18 per cent stake in the London-listed firm, which is worth €44m.
The state oil investment company spent close to €23m buying a stake in Circle almost three years ago. Icelandic bank Kaupthing also invested in the firm.
Sunday Indo Business