The companies continue their collaboration after cancelling their joint acquisition of Heftsiba Diur.
Electra Ltd. (TASE: ELTR) and Pangaea Real Estate Ltd. (TASE:PNGD) have jointly bought a 600-arce lot in St. Petersburg, Russia, for $95 million. The two companies made the purchase through a subsidiary, which they own in equal shares.
Electra and Pangaea acquired Heftsiba Building Development & Investments Ltd. subsidiary Heftsiba Diur and Holdings Ltd. in July, and immediately cancelled the acquisition when the company collapsed a few days after the deal was announced. Shortly after cancelling the acquisition, Electra announced that its maximum exposure to Heftsiba was NIS 170 million.
Published by Globes [online], Israel business news - www.globes.co.il - on September 23, 2007
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