Privatizing the ports in stages will start on February 2010, when 15% of the shares in the port companies will be sold on the stock market
The privatization of the two Israel's Mediterranean Ashdod and Haifa ports received Government green light.
The ministerial committee on legislation headed by Finance Minister Yuval Steinitz voted last week on privatizing the ports in stages starting February 17, 2010, when 15% of the shares in the port companies will be sold, through a public offering, on the stock market. Employees will be given the right to purchase 10% of the issue, or 1.5% of port shares.
The next stage will come after at least a year beginning in February 2011, to sell off another 34% of the port shares, leaving the state with 51%. The third stage is scheduled for 2020, when the state will cease being the majority owner.
The proposal does not include the privatization of Eilat Port Company Ltd., where the government plans to sell the controlling interest in a private sale to a strategic investor.