Investors buy CAL Cargo Air Lines

Mr. Yarom Oren and Mr. Ofer Gilboa signed last week an agreement to buy the controlling interest in CAL Cargo Air Lines for NIS38 millions
 
A group of local investors headed by Mr. Yarom Oren and Mr. Ofer Gilboa signed last week an agreement to buy the controlling interest in CAL Cargo Air Lines for NIS38 millions.
 
CAL is a cargo airline based in Tel Aviv, Israel. It operates scheduled cargo flights carrying perishable goods and general cargo to Europe and the rest of the world. Its main base is Ben Gurion International Airport,Tel Aviv, and it has a hub at Liטge Airport (Belgium).
 
The airline carries approximately 100,000 tons of cargo annually, including exports of fresh agricultural produce and industrial materials, and imports of heavy machinery, automobiles, sensitive and livestock.
 
CAL was owned by the Plants Production and Marketing Board and agricultural cooperatives.
 
The company owns two old aircraft one of which has been grounded, and a third plane has recently been bought to meet international and local commitments. The buyers will be paying NIS 38 million, which covers a number of CAL's debts, including NIS 8 million in management fees.