Benny Steinmetz is returning to the Israeli capital market. Benny Steinmetz Group Resources Ltd. (BSGR), which handles his natural resources business, plans to raise $200 million in a bond issue in a private placement for Israeli institutional investors. Maalot The Israel Rating Company Ltd. has rated the bonds A+/Stable.
Another Benny Steinmetz Group (BSG) subsidiary, Scorpio Real Estate Ltd., recently raised NIS 430 million in a bond issue to Israeli institutional investors.
BSGR subsidiaries include mining companies Nikanor plc (AIM:NKR) and Cunico, which own mines in Central Africa, the Balkans, Russia, and elsewhere. The company’s energy business is handled through Bateman Litwin NV (AIM:BNLN), and its engineering business is handled through Bateman Engineering NV (AIM:BTE).
BSGR’s current equity topped $1 billion at the end of the first quarter of 2007 and its balance sheet is free of debt.
Published by Globes [online], Israel business news - www.globes.co.il - on July 17, 2007
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