JEC CEO David Zbeda: Sales by the company over the year will reduce the its debt and improve its coverage and liquidity ratios.
Fishman Holdings unit Jerusalem Economy Ltd. (TASE:ECJM) (JEC) has sold the Northgate Mall in Saskatoon, Saskatchewan, for $62 million (NIS 221.6 million). The company expects to close the sale in the third quarter of 2013.
JEC booked the Northgate Mall at a value of C$61 million at the end of 2012, and it expects to report a gross profit of C$1 million, and free cash flow from the sale of C$37 million (NIS 133 million).
JEC CEO David Zbeda said, "This is another step in the company's policy of selling assets which have reached their full value. The sale, together with other sales that the company plans to make over the year will reduce the company's debt and improve its coverage and liquidity ratios."
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes-online.com - on April 3, 2013
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