Israel Post expected to be hit by NIS 50m. in losses in 2nd quarter

The coronavirus crisis hit the post office hard. Maariv, The Jerusalem Post's sister newspaper, has been informed that the Israel Post company, run by Dani Goldstein, is expected to close the second quarter of 2020 with a loss of NIS 50 million, compared to a loss of NIS 18 million in the same quarter last year. The reports will be published on Monday. The losses were caused by a drop in sales and package deliveries, along with the halt in operations of international trading companies such as Alibaba. Another cause was the large investment losses on the stock exchange. Israel Post finished the first quarter with a loss of NIS 105 million. Meanwhile, 15-20 investment groups from Israel and around the world took part last week in a conference organized by the management of Israel Post and the Government Companies Authority for the sale of 20% of Israel Post's shares. The group that stood out the most was Allied Taavura through UPS. Representatives from the FIMI Opportunity Fund, operated by Ishay Davidi, representatives from Fortissimo Capital, operated by Yuval Cohen, and representatives from Apex Israel, owned by Zehavit Cohen, also took part in the conference. A number of other investment companies also took part in the conference. Each of the investor groups will need to meet minimum threshold conditions. In October, the second stage of the tender will open and the groups will need to deposit a symbolic earnest fee of NIS 3 million. Afterwards, there will be a bidding process that will take about three months. The value of the consideration for the purchase of 20% of the postal shares is estimated at NIS 250-300 million. The valuations of Israel Post were carried out by the consulting companies Giza and Mackenzie Israel. The Israel Post company is estimated as worth NIS 1.35 billion, at a minimum value. As part of the deal, the winner of the tender for Israel Post will serve as a source for business development and efficiency.

Israel Post expected to be hit by NIS 50m. in losses in 2nd quarter

The losses were caused by a drop in sales and package deliveries, along with the halt in operations of international trading companies such as Alibaba.

Ambassador marks mark 72 years of Thai-Israeli relations

Israel's successful ceasefire with Lebanon weakens Iran

Israel Post expected to be hit by NIS 50m. in losses in 2nd quarter

The losses were caused by a drop in sales and package deliveries, along with the halt in operations of international trading companies such as Alibaba.

See more on