Alstom sells Jerusalem light rail stake for NIS 30m

Alstom sold its 20% stake in CityPass to partners Harel Insurance and Israel Infrastructure Fund.

Sources inform ''Globes'' that France's Alstom SA (Euronext: ALO) has sold its 20% stake in Jerusalem light rail franchisee CityPass Ltd. to Israel Infrastructure Fund (IIF), which owns 10% of the franchisee, and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), which owns 20%, for NIS 30 million. Following the sale, IIF owns 20% of CityPass and Harel owns 30%. Ashtrom Properties Ltd. (TASE:ASPR) owns 27.5%, Polar Investments Ltd. (TASE: PLR) owns 17.5%, and France's Veolia Transport SA owns 5%.

CityPass announced today that its CEO of the past three years, Yehuda Shoshani, will step down on September 1, and will be succeeded by Israel Railways VP Yaron Ravid. Ravid has been a key figure in railway projects, and his departure will a be blow to the company, especially for its NIS 20 billion electrification project, which Israel Railways is struggling to implement. Without electrification, Israel Railways will find it difficult to complete other major projects in the coming years, especially the fast line to Jerusalem and the Acre-Carmiel line.

Published by Globes [online], Israel business news - - on June 30, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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