Port development: Israel Ports to raise NIS 1b by 2006

Israel Ports - Development & Assets chairman Dan Tichon said last week that the company is taking the necessary steps to raise NIS 1 billion by 2006 to finance the completion of the Ashdod Jubilee Port and the construction of Haifa's new Carmel Port
09.05.05 / 00:00
Mr. Dan Tichon
09.05.05
Mr. Dan Tichon
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Israel Ports - Development & Assets chairman Dan Tichon said last week that the company is taking the necessary steps to raise NIS 1 billion by 2006 to finance the completion of the Ashdod Jubilee Port and the construction of Haifa's new Carmel Port.
 
Dan Tichon noted that Israel Ports - Development & Assets company is expected to hold its first bond issue, amounting to NIS 500 million, within the next three months. Tichon added that his company was planning development projects for the ports for the next decade that would cost over NIS 10 billion.
 
The projects are designed mainly to handle a higher volume of foreign trade, and improve service to port users. Mr. Amos Ron director general of Israel Ports - Development & Assets company said that Israel Ports’ revenue was expected to reach NIS 420 million in 2005.
 
He added that NIS 2.9 billion had been invested in the development of the new Jubilee Port. He said that full operation of the port would begin in September 2005.

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