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Israel Company (TASEW: ILCO) has signed a non-binding memorandum of understanding (MOU) with Hagag Group Actual Property Improvement Ltd. (TASE: HGG), managed by Yehuda Eido Hagag and Yitzhak Hagag, for the sale of 16.69% of the shares in Bazan (Oil Refineries) (TASE: ORL) at NIS 1.1 per share (NIS 600 million), topic to changes for a dividend. The MOU additionally states that if choices given to certified traders to purchase the remaining 7.3% of the shares in Bazan that it owns aren’t exercised, Israel Company will give Hagag Group an choice to purchase these shares inside 30 days of the date of expiry of the choice given to certified traders. The train value of this selection would be the increased of 90% of the common share value of Bazan on the Tel Aviv Inventory Alternate within the fifteen days as much as the date of the expiry of the certified traders’ choices, and NIS 0.91 per share.
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The sale of the shares, if it takes place, will likely be in accordance with Israel Company’s settlement with Israel Petrochemical Enterprises (TASE: PTCH), which holds 15.46% of Bazan. Any sale settlement reached between Israel Company and Hagag Group will likely be topic to approval by the boards of administrators of each firms, and completion will likely be topic to Hagag Group acquiring a license to manage Bazan as required by the Authorities Firms Ordinance, inside 4 months of the signing of a binding settlement (a interval extendable by two months).
The MOU has a no-shop clause giving Hagag Group 45 days by which to hold out a due diligence examination.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on March 20, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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