Delek Car replaces a partner and establishes its holding in the...
Oct 21, 2020
... Shortly after the agreement for the sale of the desalination plant in Palmachim was signed by the Israel Infrastructure Fund (1997) and its partners, into the hands of the Generation Capital and Migdal Fund for NIS 390 million, changes in control were also recorded at the plant. This is according to an update published by a company Car fuel On the completion of the acquisition of its share in Ashkelon, IDE Technologies, in the operation and maintenance company of the desalination facility (Edom), for NIS 106 million, and the completion of the sale of IDE’s rights in the facility for the construction and operation of the facility (VID) to the Keystone Foundation for About NIS 250 million. Following these transactions, Car fuel Through its subsidiary Veridis, it owns the entire operation and maintenance company of the desalination plant, having so far owned about 60% of it, while Keystone has become an equal partner of Veridis in the holdings of the concessionaire for the construction and operation of the plant (VID). The desalination plant in question, located in the EPA complex in the southern industrial area of Ashkelon, began operating in 2005, and supplies about 120 million cubic meters of water per year. According to Delek Car, this facility is the first in Israel to be established under the BOT (Build Operate Transfer) agreement. Ends in 2027. His operating company, Edom, employs about 50 people, including engineers, technicians, operations and maintenance personnel, who provide services to the desalination facility. Car fuel reports for the first half of the year reveal that between January and June, the concessionaire’s revenues at the facility, VID, eroded by 8% to NIS 114 million, and under the effect of a sharp change in its financing items in the first half of the year fell by 66% to NIS 11 million . Profits of the water desalination segment of Delek Car, which includes both VID and Edom, fell by 14% in the first half of the year to NIS 10 million. Delek Car, which is controlled by the CEO Agmon Agmon, Is an importer of Mazda, Ford and BMW vehicles to Israel, and since July 2018 has been operating through its subsidiary Veridis (70%) in the areas of water desalination, the environment and power plants. While its car import and marketing activity was significantly affected by the Corona crisis, with a significant decline in the number of cars it sold in the first half of the year, Gil Agmon-controlled company notes in the reports that Veridis’ activities “have no material adverse effect on financial results”. Looking ahead, too, with regard to environmental, energy and water activities, it “does not foresee, at this stage, a material adverse effect on its future financial results (inter alia) in view of the fact that the group companies operating in these areas are classified as ‘essential plant or activities’. That the group does not anticipate a significant decrease in the volume of activity in these areas. “
Keystone, owned by Roni Biram and Gil Deutsch, founders of Excellence Investment House, and Navot Bar, began operations in 2019 as a fund for investing in income-producing infrastructure. The fund was established, according to Keystone, “based on the decision of the Committee to Promote the Establishment of Traded Funds for Investment in Infrastructure, to Encourage Financing Activities in the Institutional and Private Infrastructure,” and in accordance with its plans is expected to be listed on the stock exchange. The seller of transactions, IDE Technologies, deals with water treatment solutions, and is owned by several institutional entities, headed by Alpha Partners. As mentioned earlier this week, the Generation Capital Infrastructure Fund, together with the Migdal Insurance and Finance Group, signed an agreement to purchase the water desalination facility in Palmachim for NIS 390 million, while Generation’s share in the transaction will be NIS 200 million, depending on its share in the facility. Which will stand at about 51%, while Migdal will hold the balance (49%). The acquired property, which includes both the ownership of the concession in the facility and its operating company, is concentrated in the Derech Hayam group. The water desalination facility in Palmachim, which operates in accordance with the BOO (Build Operate Own) concession, carries out water desalination at a rate of approximately 90 million cubic meters per year. *The article has been translated based on the content of Source link by https://www.globes.co.il/news/article.aspx?did=1001346556
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