Bethel Finance: Israeli Ministry of Finance announces finalists for Eilat Port tender

www.bethelfinance.com
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Five finalists chosen for government's 100% stake in Eilat Port
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Successful bidder will operate the port for a period of 15 years

Israel’s Ministry of Finance has announced the final five prospective bidders for the sale of the government’s 100 percent stake in the Eilat Port Company Ltd.

The successful bidder will operate the Port of Eilat for 15 years with the option of extending the tender for a further decade.

The five finalists, Maman Cargo Terminals and Handling, Aviation Links Ltd, Gold Bond Group Ltd, Papo Maritime Ltd and the Gadot Group, will now have a two-month period to submit their final bids. An announcement on the decision of the sale is expected soon after.

The initial tender for the Israeli port company attracted interest from a total of 17 companies, with officials from the Government Companies Authority, Israel Ports Development & Assets Company Ltd., and Tasc Strategic Consulting Ltd. chosen to assess the respective business plans of each firm.

“The bidders' business plans meet the criteria of the objectives of the Eilat Port's privatization, said Government Companies Authority Director, Doron Cohen.

“We expect increased trade with the Far East, which together with the proper management of the port will boost the port's importance in Israel's foreign trade, promote competition, and create value for consumers, the business sector, and the economy as a whole.”

The Red Sea port, located at the northern tip of the Gulf of Aqaba, specializes in the import of cars and the export of chemicals. Eilat Port has also welcomed a growing number of cruise ships in recent years.

The Port of Eilat posted revenues of NIS 56 million during the first half of 2011, with net profits of NIS 9 million.