Sources inform "Globes" that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) is negotiating with two international infrastructure funds for the sell of its stake in Derekh Eretz Israel Highways Ltd., the Road 6, Cross-Israel Highway franchisee. The estimated value of Africa-Israel's holding is Nis 300-400 million.

Africa-Israel holds 37.5% of Derekh Eretz Israel Highways Ltd. The other stakeholders are Shari Arison unit Shikun u'Binui Holdings Ltd. (Housing and Construction) (TASE: HUCN) (37.5%) and Canadian Highways (25%). Derekh Eretz won the BOT tender in 1998 to build and operate Road 6 for 30 years. 150 vehicles travel on the highway each day.

The news of the planned sale by Lev Leviev's Africa-Israel comes 24 hours after the company received court approval for its debt settlement.

Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2010

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