Israel Rolls Out Port Privatization Program
The Israeli Government will privatize its two main ports, Ashdod and Haifa in 2015 and 2016 respectively. The plans were proposed by the Finance Ministry and have been approved by the Prime Minister. The Finance Ministry said the ports would be sold in a private sale, not on the Tel Aviv Stock Exchange, either in stages or all at one time. Ori Yogev, who is officially the head of the Government Companies Authority, a unit of the finance ministry said that would not stand in the way of the government floating up to 49 percent of the Ashdod port - one of two main seaports on the Mediterranean coast - on the Tel Aviv Stock Exchange (TASE) in November or December. The controlling stake will be sold in 2020.
Zim to Buy Ships for $92m
The board of Israeli shipping company Zim approved the purchase of two container ships for a total of $91.8 million, its parent company Israel Corp., reports said. Zim received an option to buy another two ships for $47.8m each, Israel Corp., one of Israel's biggest holding companies, said in a statement to the Tel Aviv Stock Exchange. The company did not identify the seller of the ships, but noted it would pay in Japanese yen. The ships are expected to be delivered in the fourth quarter of 2010 or during the first quarter of 2011. Source: Reuters