Israel Shipyards Bids for Control of Greek Port of Lavrio

Israel Shipyards continues to expand its operations. The company has submitted a bid to acquire a controlling stake (51%) in the Greek port of Lavrio, as part of a privatization process currently held by the Greek government.

The port is located near the city of Lavrio, south of Athens. The port area includes approximately 314 dunams, with operational wharves totaling about 1,000 meters. The port conducts loading and unloading activities of general cargo and containers, as well as services for passenger ships, yacht anchoring, fishing boats, storage, and allocation of parking spaces for commercial and private vehicles.

If the company's bid is successful, upon completion of the transaction, Israel Shipyards will hold 51% of the issued and paid-up capital of the company holding the port, and the Greek government will hold the remaining 49%. In addition, Israel Shipyards will be granted the right to appoint directors to the port company's board, giving it control.

At the time of the bid submission, the company provided a bank guarantee totaling 5 million euros.

The company's participation in the port privatization process in Greece is in line with its business strategy for business development, including identifying opportunities for acquisition and investment in Mediterranean and European seaports and leveraging areas where the company adds value to other activities in foreign seaports.

Zvika Schechterman, CEO of Israel Shipyards, said that "The proposal we submitted as part of the privatization process of the port in Greece is part of the company's expansion and business development strategy beyond the sea, in parallel with several growth engines in advanced maturation stages. We intend to leverage the group's knowledge and experience to deepen and expand our activities in the international port sector, among other things, as part of the strategy for diversifying and distributing income sources outside of Israel, while focusing on the group's advantages and familiarity with the port sector. At the same time, these days, the Israel Shipyards Group is strengthening the hands of the security forces and continues to operate all the time to maintain functional continuity as a vital factory".

In Israel, the company operates in several sectors, one of which is the operation of the Israel Shipyards port and the provision of port services, including unloading and loading of cargo from cargo ships, moving and storing cargo, and ancillary logistics services.

Israel Shipyards was established in September 2019 under the control of Shlomi Fogel, Sami Katzav, the Shamlatzar family, and the publicly traded Gold Bond Group, and is engaged in the design and construction of military and civilian vessels, port operation, activity in the construction materials sector, logistical support in the gas and oil production industry, and maritime transport through 11 commercial vessels operated by the company.