As predicted on freshinfo last week, Fishman Holdings, a company controlled by Eliezer Fishman, has sold part of its holdings in citrus company Tnuport to Mehadrin Tnuport Export for US$16 million, although the contract for the sale has not been signed yet, according to a report in Globes.
Under the proposed agreement, Tnuport will sell its 50 per cent share in Mehadrin Tnuport, which packs and markets citrus fruit in Israel and on overseas markets, and its 50 per cent share in Gan-Pelach, a partnership owned by Gan Shmuel Foods Ltd, which processes citrus fruit and sells its products to Mehadrin Tnuport.
The deal will make Mehadrin Tnuport Israel's largest citrus fruit exporter. Tnuport's principal value is apparently derived from that of Mehadrin Tnuport, which posted NIS36m (US$7.83m) profit in 2005. The report notes that this sale is one of several aimed at covering Fishman's losses on currency transactions in the Turkish lira.
