The Philippine Information Agency (PIA) reports that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev, is expected to invest $250-300 million in the country, mostly in real estate, infrastructures, energy and water projects.
The PIA quotes Africa-Israel Asia-Pacific vice president for development Jacob Ben Moshe as saying that the amount would only be the company's initial investment in the Philippines and that it was keen on infusing more cash into various industries in the country later.
In Fabruary, Africa-Israel CEO Pinhas Cohen announced that the company would acquire 40% of a Filinvest Development Corp. subsidiary, Cyberzone Properties Inc., which is building a technology park in Manila at an investment of $10 million.
The PIA writes, “Ben-Moshe said Africa Israel also had other projects with Filinvest including the construction of residential buildings in Alabang. The conglomerate also has a venture with the Century Properties Group of Jose Antonio, which involved construction of residential developments in Metro Manila, he said. He said the group was also looking at teaming up with Metro-Pacific Corp. for a $200-million white oil pipeline project for Philippine National Oil Co.”
Published by Globes [online], Israel business news - www.globes.co.il - on March 2, 2006