The buyer has extensive business interests in Romania, where Milomor Trade operates.
Real estate developer Milomor Ltd. (TASE: MILO) has signed an memorandum of understanding (MOU) to sell 50.1% of Milomor Trade and Communication Ltd. (TASE:MLTR) to Israeli businessman Amnon Sela for NIS 65.8 million. Milomor is controlled by CEO Freddi Robinson, and Sela has extensive business interests in Romania.
Sela will buy 2.5 million Milomor Trade shares at NIS 26 per share, a premium of 58% on the company's opening price of NIS 16.42 on Thursday.
Milomor Trade's core business is in Romania, where it has a stake in HAT, the exclusive authorized distributor of Samsung cellular phones; 24.5% of BOOM, a DTH multi-channel satellite television broadcaster; and the MCS retail chain, which owns 61 stores under the SAY brand. Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) owns 32.2% of BOOM.
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2008
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