Danya Cebus will receive a bonus for completing the section ahead of schedule.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) contractor subsidiary Danya Cebus Ltd. (TASE: DNYA) has completed the first section of lateral Road 431 between Modi'in and the Aneva Junction with the Tel Aviv-Jerusalem highway, Road 1. Traffic from Tel Aviv to Modi'in will begin tomorrow. The company has therefore completed its contractual obligation four months ahead of schedule.
Danya Cebus will therefore receive a NIS 95 million bonus within 45 days, as well as NIS 1 million a month in royalties for operating the road. The company spent NIS 190 million on building this section of the road.
The 23-kilometer Road 431 links the Ayalon Highway (Road 20) and Geha (Road 4) by Rishon LeZion in the west to Modi'in in the east. It will have 12 junctions, including to Rehovot and Ramle, when completed.
Published by Globes [online], Israel business news - www.globes-online.com - on June 15, 2008
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