One-third of capital shares should be held by Lebanese for companies that provide public utility services. The scope of sectors encompassed by such a restriction (art. 78 of the Commercial Code) is not clear, and sector-specific legislations may provide for exemptions (e.g. privatized electricity sector companies). For the purposes of the OECD FDIRRI, foreign investment in the following sectors is assumed subject to ownership limitations provided in the Commercial Code: utilities [except for distribution which remains a state monopoly], telecoms [mobile only as fixed telecommunications remains a state monopoly] and transportation (assuming scheduled passenger public transportation services). 
"TITLE III - JOINT-STOCK COMPANIES [...]
Article 78 (as modified by Decree-Law N° 54 of 16 June 1977)
Whatever its object, every joint-stock company shall be subject to the laws and practices of commerce.
All joint-stock companies established in Lebanon shall have their Read Office in Lebanese territory, and such companies shall - as a matter of unqualified right - vested with Lebanese nationality, notwithstanding any text to the contrary.
One third of joint-stock companies capital whose object is the operation of a public service shall be made up of nominal shares belonging to Lebanese shareholders. In any case, such shares may not be ceded except to Lebanese shareholders, failing which cession shall be null and void. [...]" (Lebanon Code of Commerce: Legislative Decree N° 304 of 24 December 1942)
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"Article 4: Incorporation of Privatized Companies
1- By virtue of a decree taken by the Council of Ministers, upon the proposal of the Higher Council for Privatization, one or more joint-stock companies governed by the provisions of the Commercial Code except for Article 78 and the provisions which are in contradiction with this law, may be incorporated, known as the “Privatized Company,” whose object will be to carry out all or part of the Production and Distribution activities. Each Privatized Company shall exercise its activities after obtaining a License issued according to the provisions of the present law. [...]
4- The shares of the Privatized Company shall be registered shares. Notwithstanding any other provision to the contrary, the shares of a Privatized Company, including the shares representing contributions in kind, shall be negotiable shares and may be acquired in their entirety by non-Lebanese persons.[...]" (Law N° 462 Regulation of the Electricity Sector)
Lebanon Code of Commerce: Legislative Decree N° 304 of 24 December 1942.
Law N° 462 Regulation of the Electricity Sector

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