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    ADANIPORTS   INE742F01042

ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED

(ADANIPORTS)
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Bidders line up for Haifa port with final sale in sight

08/09/2021 | 05:25am EDT

JERUSALEM, Aug 9 (Reuters) - Four investment groups are looking to acquire the Israeli port of Haifa estimated to be valued as high as $600 million with formal bids expected towards October, sources with knowledge of the matter said.

Israel is selling its state-owned ports and building new private docks in an effort to encourage competition and bring down costs. At the same time, warming ties with neighbouring Arab countries are creating new trade opportunities and Haifa is well placed to become a regional hub.

A new container terminal run by China's Shanghai International Port Group (SIPG) is opening this year just up the coast and Haifa port will have to be upgraded to compete.

Final offers are expected around October, an official with the Government Companies Authority (GCA), which is handling the sale, told Reuters. A winner should be chosen before the end of the year with ownership transferred at the beginning of 2022.

Contenders come from Israel, Europe, India and the United Arab Emirates, which only last year normalised ties with Israel.

The GCA official said the sale was "an orderly, international process", adding: "geopolitics is not a factor".

To attract investors who may have concerns about competing with the Chinese-run terminal across the bay, Israel is selling Haifa port with a war chest of about 1.9 billion shekels ($590 million), lots of land to develop and growing consumer demand for goods, the GCA official said.

"We plan to make Haifa the gateway to the Middle East," said Shlomi Fogel, co-owner of Israel Shipyards Industries, which is jointly bidding with Dubai’s DP World for the port. "We have all the ingredients to make it happen."

Britain's DAO Shipping has teamed up with Israeli infrastructure fund Generation Capital and London-headquartered shipping company Lomar is finalising its participation in the consortium, DAO and Lomar’s parent group Libra said.

"We want the port of Haifa to become a major port for general cargo, cars, roro and cruise (liners)," DAO Shipping's CEO Danny Ungar told Reuters.

Libra's CEO George Logothetis said the project had "the potential to turn the port into a multi-cargo strategic hub that will massively benefit Israel and the wider region".

India’s Adani Ports is separately partnering with Israel's Gadot Group, and a fourth suitor includes Israel's Shafir Engineering, industry sources said.

Shafir and Gadot declined to comment, while officials at Adani did not immediately respond to a request for comment. (Additional reporting by Sudarshan Varadhan in Chennai Editing by Robert Birsel)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED -2.25% 761.8 Delayed Quote.57.48%
GENERATION CAPITAL LTD 1.95% 1.044 End-of-day quote.8.52%
ISRAEL SHIPYARDS INDUSTRIES LTD 1.62% 76.35 End-of-day quote.24.31%
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD. -0.69% 5.77 End-of-day quote.26.26%
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Sales 2022 174 B 2 322 M 2 322 M
Net income 2022 64 863 M 865 M 865 M
Net Debt 2022 278 B 3 706 M 3 706 M
P/E ratio 2022 24,7x
Yield 2022 0,83%
Capitalization 1 555 B 20 747 M 20 744 M
EV / Sales 2022 10,5x
EV / Sales 2023 8,73x
Nbr of Employees 2 773
Free-Float 26,8%
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Karan Gautambhai Adani Chief Executive Officer & Executive Director
Gautambhai Shantilal Adani Chairman & Managing Director
Kamlesh Prabhudas Bhagia Secretary & Compliance Officer
Gopal Krishna Pillai Independent Non-Executive Director
Bharat Kanaiyalal Sheth Independent Non-Executive Director