(PR Newswire) International investment fund InfraRed Infrastructure Fund III has agreed to purchase a 50% stake in the Perimetral de Oriente de Cundinamarca project, a road project in Colombia, from Israeli infrastructure firm Shikun & Binui.
Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, today announced that a fully owned subsidiary of the company that holds (directly and indirectly) 100% in the concessionaire of the Cundinamarca project in Columbia, signed an agreement to sell a 50% share in the concessionaire to a fund managed by InfraRed Capital Partners Limited, an international investment fund. InfraRed is also a partner of the Company on the SH-288 Toll Lanes project in Huston, Texas and on the Gilboa Pumped Storage Project in Israel.
The consummation of the transaction is subject to various conditions precedent, including the approval of the senior lenders. Post-closing, Shikun & Binui SBI (a fully owned subsidiary of the Company) will continue to serve as the EPC Contractor for the project.
At closing, subject to the fulfillment of the conditions precedent, the Company is expected to receive a payment of approximately $60 million and to record in its financial statements a profit of approximately $35-40 million.