Libya's Privatisation and Investment Board (LPIB) announced in mid-January that the long-expected IPOs of Libya's two telecommunications companies, Libyana and Al Madar, would take place before the end of April. The LPIB said that the amount floated would only be between 3% and 5%, well below the previously reported figure of up to 30%. Gamal al-Lamushy, the head of the LPIB, described the capacity of the stockmarket as "very limited" and said that it would "not be a good idea to float such a big amount of capital". Mr Lamushy expected strong interest from Gulf-based investors, as exemplified by the establishment of Invest AD's Libyan fund.