Auto Depot owns the vehicle spare parts chain and DIY chain ACE.
B. Gaon Holdings Ltd. (TASE: GAON) plans to float Auto Depot (1992) Ltd. on the Tel Aviv Stock Exchange (TASE) by the end of this year. Gaon Holdings owns half of Auto Depot, which wholly owns DIY chain Ace Marketing Chain - Consumer Products Ltd. and also sells vehicle spare parts under its own name. The structure and terms of the offering have not yet been decided.
Gaon Holdings CEO Benjamin Gaon said, “The flotation of Auto Depot is another step in strengthening B. Gaon Retail and Trade Ltd. Proceeds from the offering will be used to expand Gaon Retail’s investments and contribute to its financial standing.”
Gaon Holdings acquired half of Auto Depot in January for NIS 67.5 million. Shlomo Zbeda Holdings Ltd. owns the other half.
Published by Globes [online], Israel business news - www.globes.co.il - on July 9, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007