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Israel: Privatisation for Agrexco
The Ministry of Agriculture announced that the council
of the Plants Production and Marketing Board approved the privatisation of
Agrexco, Israel's largest agricultural exporter.
Agrexco is well-known for the production and export of field crops,
vegetables, fruits and poultry.
First stage of
privatisation
According to the Agriculture Minister Shalom Simhon,
the first part of the process will be to include equalising stock rights and
conducting a valuation of the firm.
The Plants Board, owned by a number
of farmers organisations, owns 97% of the shares of Agrexco, and has a 19%
voting share. The rest of the voting rights belong to the state, 50%; Tnuva,
25%; and the Poultry Board. All of the owners have approved the privatisation
plan.
Second stage of privatisation It has been reported
that according to the Ministry, the second stage of the privatisation process
will include a tender to sell control to a strategic investor, and the residual
shares are to be sold on the stock market or be kept by the farmers.
It
was estimated last week by the Ministry that the value of Agrexco in the
half-a-billion-shekel range.
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