The new company will be 80% owned by Abetrans Ltd and the balance (20%) by the Turkish partner who will also managed the company
Abetrans' board of directors approved last week an agreement signed with Abetrans Lojistik S.T.A, a Turkish freight forwarder controlled by Abraham S. Birian, in which the Turkish freight forwarder will transfer its international forwarding activities, free of charge, to Abetrans Ltd.
Abetrans Ltd is a majority stake holder (60%) of Abetrans Lojistik S.T.A. The balance is held by a Turkish shareholder.
In 2007 Abetrans Lojistik S.T.A had a turnover of $24 million and net profit of $370,000, compared to turnover of $13.3 million and net profit of $290,000 in 2006.
Under the agreement, a new freight forwarding company will be set up. The new company will be 80% owned by Abetrans Ltd and the balance (20%) by the Turkish partner.The new company will be managed by the Turkish partner.
Abetrans Ltd provides shipping and air dispatching services for import and export, customs agency services, storage, financing, insurance and land transportation services. The Company’s freight services include coordination and handling of all aspects of shipping and air dispatching activities from and to Israel, dealing with various destinations, including Europe, the Far East, the United States and Canada. The Company is comprised of three main divisions: international freight services; customs agency, and imports and exports division. Abetrans Ltd. is headquarters in Tel-Aviv, Israel.