It is reported in a local daily Globes' that Yehuda Nets Fencing Enterprises Ltd, a subsidiary of South Africa’s Cape Gate , has acquired Solel Boneh Building and Infrastructure Ltd. steel processing plant in Holon. Yehuda Nets bought the plant’s production facilities and inventory but not the land. Industry sources estimate the price of the acquisition at NIS 3 million. The plant will be renamed Noam under its new ownership, which will come into effect on May 1.

The plant processes steel for construction and has been in operation for 25 years.

Yehuda Nets CEO Mr Moshe Cohen told Globes that he would move the plant to the Noam industrial zone in Netivot in the western Negev this year. The Manufacturers Association of Israel plans to move 60 enterprises to this industrial zone under preferential terms. Yehuda Nets has already been allocated a site for its plant.

Two years ago, Yehuda Nets bought the Yitzhak Land steel plant in Netanya. The company will own nine steel plants following its latest acquisition.

Jewish South African businessman Mr Mendel Kaplan owns Cape Gate.