Foreign ownership in Lebanon's biggest company approved

The Lebanese Cabinet on Wednesday approved a decision allowing foreigners to buy shares in Solidere, Lebanon's biggest company, which is responsible for the massive task of reconstructing Lebanon's war-ravaged city center.

The company was set up in 1994 to attract investment to rebuilding Beirut's commercial district. Until now, ownership in the $1.7 billion public shareholding company had been restricted to Lebanese and Arab nationals.

Seeking to draw more invesments for the country's redevelopment efforts, shareholders last month voted at an extraordinary general assembly meeting to lift restrictions on foreign ownership and trading in Solidere's shares.

Wednesday's cabinet decision approving foreign ownership takes effect immediately.

Billionaire Prime Minister Rafik Hariri is the largest single investor in Solidere, holding about six percent of the shares. His total investment in the company amounts to $100 million.