Lebanon Businessnews News

Tripoli power company
open for subscription
Tripoli Chamber of Commerce is first to subscribe
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Nour al Fayhaa, a newly established company founded by former Prime Minister Najib Mikati to generate power for the greater Tripoli area, has begun receiving subscriptions in the company’s capital.

The value of subscriptions opened so far to the public is LL1 billion ($666,000). The Chamber of Commerce, Industry, and Agriculture of Tripoli and the North is the first to subscribe with LL100 million ($66,000). Toufic Dabbousi, Chairman of the Chamber, said: “We encourage businesspeople, investors, and members of the Chamber to subscribe to the company’s capital.”

Dabbousi said that another part of the capital will also be opened for public subscription in the future. But the value of the second part is unknown. Local citizens are given a preference for subscription.

Nour al Fayhaa is waiting for the approval of the Council of Ministers to be allowed to generate and distribute power.

Mikati said that the company will tap renewable energy sources besides thermal power. This is why the price of power consumption has not yet been set.
Reported by Yassmine Alieh
Date Posted: Nov 06, 2015
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