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Article: Ocif buys Alony Hetz's Ogen stake at NIS 571m value: Ocif controlling shareholder Rachel Aviv distributes her NIS 205 million stake among her four children.
- Article from:
- Globes
- Article date:
- January 8, 2007
CopyrightCOPYRIGHT 2007 Globes. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Uri Shuster
Jan. 8--Ocif Investments and Development Ltd. (TASE: OCIF) has acquired the 43.8 percent stake in Ogen Yielding Real Estate Ltd. (TASE:OGEN) held by Alony Hetz Property and Investments Ltd. (TASE: ALHE) for NIS 250 million. A binding contract is expected to be signed no later than January 15.
The price tag gives Ogen a company value of NIS 571 million, 22 percent above today's market cap.
Alony Hetz said it would report a capital gain of NIS 140 million on the sale. Sources inform "Globes" that, during the negotiations, the possibility arose that Alony Hetz subsidiary Amot Investments Ltd. (TASE:AMOT might buy Ocif's stake ...