Israeli water company faces uncertain future
- From: Vol 12, Issue 10 (October 2011)
- Category: General
- Region: Asia
- Country: Israel
- Related Companies: Azrieli Group, GES and Granite Hacarmel Investments
The sale of Granite Hacarmel could have far-reaching implications for its water division. It has been frantically buying out joint venture partners in order to boost its core offering.
TASE-listed Azrieli Group is understood to be considering a sale of its Granite Hacarmel division – which controls GES, the owner of the 150,000m3/d Palmachim desalination plant in Israel – for around $400 million.
Azrieli’s Canit Hashalom vehicle bought 64% of Granite from Glencore, Yeshayahu Landau and the Borowitz family back in 2006 for $173 million, and currently owns ...
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