23 October 2019 - 25 Tishri 5780 - כ"ה תשרי ה' אלפים תש"פ
IDE Technologies acquires stake in Sorek desalination plant E-mail

Israel’s desalination company IDE Technologies is strengthening its grip on the water desalination sector, announcing the exercise of its first refusal rights to acquire the holdings of Hong Kong-based Hutchison Water, its partner in the Sorek desalination plant franchise (49%), for NIS 195 million before adjustments, as reported by Globes.

The announcement of the sale comes six months after Hutchison Water selected the bid submitted by the Noy Fund to acquire its share in the desalination facility. Noy Fund, which wanted to acquire a foothold in the hot water desalination sector, confirmed the report, saying: “We have been notified by Hutchison that IDE has decided to exercise its first refusal rights. We are studying the decision and its consequences.” Following the completion of its acquisition, IDE will hold 100% ownership of the franchise for the desalination facility for Sorek (the SDL company).

The Sorek facility is the largest desalination plant in Israel and among the largest in the world. It is located one kilometre south of the Dan Sewage Reclamation (Shafdan) Project, close to the Sorek River in the sandy area of Rishon Lezion. Construction of the US$400 million plant began in January 2011. The plant, which has supplied drinking water since August 2013, has an annual production capacity of 150 million cubic metres.

Please login or register to see the full article

Warning: Parameter 1 to modMainMenuHelper::buildXML() expected to be a reference, value given in /home/joomla789/domains/jewishtimesasia.org/public_html/libraries/joomla/cache/handler/callback.php on line 99
Jewish Times Asia is published by Jewish Times Asia Ltd. © Copyright 2019.
Material in the newspaper or on this site may not be used or reproduced in any form or in any way without permission from the editor.
While every effort has been made to ensure the content is true and accurate, the publisher is not responsible for any errors or omissions in the printed text.