Chairman Meir Dor: The agreement is a vote of confidence in the company. Collaboration will contribute to the company’s growth.
Baran Group (TASE: BRAN; Pink Sheets:BRANF.PK) chairman Meir Dor has reached an unwritten agreement with a strategic investor from Russia to become a controlling shareholder in the company. The name of the investor was not disclosed, but that it was a partner with Baran in current projects.
Baran will allocate 12.5% of its shares at NIS 95 per share - a premium of 20% over Baran’s closing price on the TASE yesterday. The deal reflects a company value of NIS 788 million for Baran.
Dor said that the agreement was a vote of confidence in Baran, and that collaboration between the parties would contribute to the company’s growth.
Baran has recently won a number of large projects. Last week, its German subsidiary Westmontage WM won a tender to install communications and electrical infrastructures as part of a consortium involved in construction projects for Berlin’s new airport.
Published by Globes [online], Israel business news - www.globes.co.il - on September 25, 2007
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