El Al sells Maman stake for $15.4m

Zvi Livnat Photo: Anat Levron

In a bid to improve liquidity, El Al has sold its 25% stake in Maman, which provides cargo and logistics services to Ben Gurion airport.

El Al Israel Airlines Ltd. (TASE: ELAL) has notified the Tel Aviv Stock Exchange (TASE) that it has sold its 25% stake in Maman Cargo Terminals and Handling (TASE: MMAN) for $15.4 million. The sale is aimed to improve liquidity as the airline struggles to survive the coronavirus crisis and obtain government loan guarantees to avoid bankruptcy.

Maman operates the cargo terminal at Ben Gurion airport, which provides the range of logistics services. Maman's controlling shareholder with a 66% stake is the Ta'avura heavy haulage company, controlled by the Livnat brothers.

At the same time El Al has extended its agreement to use Maman's airport cargo and logistics services until the end of 2024.

Published by Globes, Israel business news - en.globes.co.il - on May 27, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Zvi Livnat Photo: Anat Levron
Zvi Livnat Photo: Anat Levron
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018