Shaya Boymelgreen's Boymelgreen Capital Ltd. (TASE:BMGN) today notified the Tel Aviv Stock Exchange (TASE) that it was holding preliminary talks for the sale of its 64% stake in Azorim Investment, Development and Construction Ltd. (TASE: AZRM). The company did not mention the name of the other party.
Boymelgreen Capital said, "In view of the crisis in global markets and its effects on the company's activity and condition, the company and its controlling shareholder were reviewing various alternatives for meeting its commitments. These include the possibility of bringing in a partner. In this context, the company has received inquiries and investors offers from various entities for a possible deal in some form."
However, in a subsequent notice to the TASE, YH Dimri Construction & Development Ltd. (TASE: DIMRI) said that it had spoken Boymelgreen about a sale of Azorim several months ago, but that these were merely preliminary talks.
Azorim's share rosde 13.7% to NIS 9.10, Boymelgreen Capital share was unchanged at NIS 7, and Dimri's share rose 0.6% to NIS 14.72.
Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2009
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