The Israeli government is to go ahead with the privatisation of the Ashdod and Haifa port companies.
The Finance Minister and Transport Minister have submitted proposals that will see the gradual sale of the state's holding in both ports.
Eilat Port Company Ltd will not be included in this sell off; instead it is planned to sell a majority stake to a strategic investor as part of a private sale.
In February 2010, some form of public offering will be made; this could be a straight IPO, or a combination including an offer to sell. The aim will be to dispose of 15% of the total equity in both ports. A second phase, slated to begin in February 2011, will see a further 34% of the share capital disposed of. Once this has been completed, the government will no longer appoint directors of the two port companies.
Finally, as from February 2020, additional equity will be sold off, although leaving the government with a 51% controlling stake thereafter.
