Danya Cebus Ltd. (TASE: DNYA) today opened to traffic the western end of Road 431 in Rishon LeZion between Road 20 (the Ayalon Highway) and the Rishonim Interchange at Road 431, which connects Rishon LeZion to Ness Ziona, Rehovot, and Bilu Junction. The opening of this section was several weeks behind schedule.
This is the second section of Road 431, the lateral road which connects Modi'in and Rishon LeZion, to open. Danya Cebus opened the stretch between Road 1, the Jerusalem-Tel Aviv highway, and Modi'in ten weeks ago.
The western section of the road was due to be inaugurated at a celebrity bash three weeks ago, but was delayed when the Society for the Protection of Nature in Israel told the Regional Planning and Building Commission that Danya Cebus has not completed the mandated environmental rehabilitation work.
During negotiations over the past week, Danya Cebus agreed to deposit several million shekels, amounting to 5% of the grant promised the company, to complete the environmental rehabilitation work. Following the agreement, the project team approved the opening of the section.
Danya Cebus subsidiary, Netivei Hayovel Ltd., which is building the road, will receive a NIS 100 million bonus from the state. Danya Cebus is the contracting arm of Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev.
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2008
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