TalB

Globes [online] – business and technology news from Israel
IEC in talks on joining $2b Asian power project

The project is for construction of a coal-fired power plant in South East Asia.

Lior Baron 21 Aug 08 10:28

Israel Electric Corporation (IEC) (TASE: ELEC.B22) is moving ahead with the expansion of its overseas business, following its entry into projects in Greece and South Africa. Sources inform ''Globes'' that the company is in preliminary talks on joining a major project for construction of a coal-fired power plant in South East Asia at an investment of $2 billion.

IEC is negotiating on the construction of two coal-fired production units based on supercritical technology with a production capacity of 630 megawatts each.

Energy market sources believe that although IEC received an offer to join the project as a partner, it will prefer to operate as a subcontractor, a status that will enable it to obtain government permits more easily. If the company does join the project, it will require the approval of the Ministry of National Infrastructures.

This is not the first time that IEC has sought to join projects in Asian countries. In 2007 it bid for a project to build a 4,000 megawatt coal-fired power plant in India, costing a total of $4 billion.

IEC, which joined a bid by Indian engineering group DS Construction, passed the preliminary stage in the power plant tender, but the IEC board ultimately decided not to approve the bid. Its decision drew sharp criticism from the IEC management.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on August 21, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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TalB

Globes [online] – business and technology news from Israel
IEC continues overseas drive

The utility is in talks on a power plant in Cyprus.

Lior Baron 26 Aug 08 15:29

Israel Electric Corporation (IEC) is in talks to join a project to build a power plant in Cyprus. The plant will produce 50-60 megawatts of power.

IEC management has been looking to expand by joining overseas projects. The value of the Cyprus deal is estimated at several million dollars, and the power plant is expected to go on line in 2010.

In the first phase, the plant will be powered by fuel oil, and in 2013 is scheduled to switch to natural gas.

In a drive to increase revenue from international sources, IEC has joined several projects. The utility recently won a $10 million deal to plan a natural gas power plant in Greece, and another deal worth €10-20 million to plan 6 coal powered stations in South Africa. The company is also in talks to join projects to build a coal powered plant in Asia, and to refurbish plants in Russia.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on August 26, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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Livni

Ludhiana / India -

Mondon Investments is building with a local partner a giant 6 floor mall in Ludhiana, with 156,000 sqm, to be completed next year.

מונדון, חברת הנדל"ן מקבוצת פישמן הפועלת בהודו - בה מחזיקות כלכלית ירושלים (36%), חברת מבני תעשייה (36%), דרבן (18%) ומגדל (10%), מודיעה היום (א'), כי חתמה על הסכם לרכישת 50% מהזכויות בהון בחברה הודית המחזיקה בקניון שבשלבי בנייה בעיר Ludhiana במדינת פונג'אב.
מדובר בשטח בנוי של כ-156 אלף מ"ר - 6 קומות על קרקע בשטח של כ-46 דונם, בתמורה ל-204 מיליון שקל. מחיר זה משקף שווי כולל של המיזם המשותף בסך של כ-610 מיליון שקל.
יתרת ההשקעה במיזם בסך של 62 מיליון שקל תבוצע על ידי החברה עד תחילת ינואר 2009.
במסגרת ההסכם התחייב השותף ההודי לסיים את בניית הקניון ולהפעילו באופן מסחרי לא יאוחר מתום הרבעון השני של 2009.

TalB

Globes [online] – business and technology news from Israel
Engel moves into Vietnam

The real estate developer signed three new deals in Vietnam.

Ariel Rosenberg 1 Sep 08 14:59

Real estate developer Yaakov Engel is expanding his business ventures in the Far East with the entry to Vietnam. Engel's privately-held real estate company EngelInvest Group, of which Engel holds 72%, and which is managed by Alon Avdani, will invest in three projects with a total of 9,000 high-end apartments in Ho Chi Minh City (Saigon), the largest city in Vietnam. The projects, which will consist of 960,000 square meters of built-up space, will be completed in several stages at a total cost of $1.1 billion. The company expects $1.6 billion in proceeds from the projects.

In the first stage, $450 million will invested in building 400,000 square meters of residential properties, with proceeds estimated at $650 million. Engel told "Globes" today that the projects required shareholder equity of around 30%, so EngelInvest and its partners are providing $135 million in equity for the projects, of which EngelInvest itself is providing 80%, or over $100 million. All three projects are being built on land approved for building and work on them is expected to commence simultaneously in early 2009. Two of the projects are being built in partnership with subsidiaries of local banks, and the third with a local developer.

The first project, which has 700,000 square meters of built-up space, will be built three stages on 150,000 square meters of land in Ho Chi Minh City's District 7. The second, which has 115,000 square meters of residential and commercial properties, will be built on 26,000 square meters of land in the Binh Tam quarter at a total cost of $140 million, and estimated proceeds of $200 million. The third project is a joint venture with a local developer in which 150,000 square meters of properties will be built on 15,000 square meters of land in District 9, at an estimated cost of $55 million for the building of the first 50,000 square meters, with $90 million in proceeds.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on September 1, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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TalB

Globes [online] – business and technology news from Israel
BSR suspends India real estate activity

The company has canceled its participation in a project in Bangalore.

Globes' correspondent 9 Sep 08 14:25

BSR Engineering and Development Ltd. (TASE: BSRE) is suspending its real estate activity in India until further notice. The company notified the TASE that it had cancelled its participation in a NIS 864 million luxury residential project in Bangalore.

BSR cited the situation of the global real estate market in general and in India in particular, and the global financial situation as its reasons for suspending activity in India.

BSR Engineering is facing problems with several of its developments. At a bondholders' meeting of subsidiary BSR Projects Ltd. (TASE: BSRP), the company said that projects in the US were in a very difficult situation, a mezzanine loan was in big trouble, and a major project was heading for receivership. These projects include a residential project in Las Vegas.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on September 9, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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