Israeli ownership of IMI will be safeguarded. Its Givon and Maltam divisions will be sold to Rafael.
Minister of Finance Benjamin Netanyahu and Minister of Defense Shaul Mofaz last night decided on the process for privatizing Israel Military Industries (IMI). They decided that IMI's Givon and Maltam rocket divisions would be sold to Rafael (Israel Armament Development Authority Ltd.) under the privatization. IMI will be privatized by selling the state's shares in a competitive and equitable process.
Netanyahu and Mofaz also agreed that the state's vital interests in IMI would be safeguarded under the sale, and that the necessary mechanisms for this would be determined. Foreign companies will be able to participate in the acquisition, provided that the controlling interest stays in Israeli hands.
Ministry of Finance director general Dr. Joseph Bachar, Ministry of Defense director general Amos Yaron, Government Companies Authority director Eyal Gabbai, and other officials participated in the meeting.
Published by Globes [online], Israel business news - www.globes.co.il - on February 14, 2005