Shtang Construction And Engineernig Ltd. (TASE: GRNT) has sold its rights in a Shafdan sewage treatment plant toGranite Hacarmel Investments Ltd. (TASE: GRNT) unit http://www.ges.co.il/unit Global Environmental Solutions Ltd. (GES), in exchange for clearing its NIS 2.7 million guarantees to Bank Leumi (TASE:LUMI).
Shtang and four other contractors had a contract with Shafdan to build the facility to convert sludge to organic fertilizer. The facility has not yet become operational. If the pilot is successful, GES will pay Shtang an additional NIS 125,000
Granite Hacarmel’s share fell 3.1% in early trading today to NIS 7.28, while Shtang’s share rose 1.8% to NIS 1.63.
The sale comes one week after Shtang won a NIS 261 million tender by Ayalon Highways Ltd., which boosted Shtang’s share price 35%.
Published by Globes [online], Israel business news - www.globes-online.com - on July 5, 2009
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