–
Alstom sold its 20% stake in CityPass to partners Harel Insurance and Israel Infrastructure Fund.
–
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
/ By Amiram Barkat /
Sources inform ”Globes” that France’s Alstom SA (Euronext: ALO) has sold its 20% stake in Jerusalem light rail franchisee CityPass Ltd. to Israel Infrastructure Fund (IIF), which owns 10% of the franchisee, and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), which owns 20%, for NIS 30 million. Following the sale, IIF owns 20% of CityPass and Harel owns 30%. Ashtrom Properties Ltd. (TASE:ASPR) owns 27.5%, Polar Investments Ltd. (TASE: PLR) owns 17.5%, and France’s Veolia Transport SA owns 5%.
CityPass announced today that its CEO of the past three years, Yehuda Shoshani, will step down on September 1, and will be succeeded by Israel Railways VP Yaron Ravid. Ravid has been a key figure in railway projects, and his departure will a be blow to the company, especially for its NIS 20 billion electrification project, which Israel Railways is struggling to implement. Without electrification, Israel Railways will find it difficult to complete other major projects in the coming years, especially the fast line to Jerusalem and the Acre-Carmiel line.
Published by www.globes-online.com
