An international fund will reportedly acquire half the company at a small premium.
ADO Europe Ltd. (TASE: ADO) is seeking an investor. An international fund will reportedly acquire half the company at a company value of over NIS 120 million. ADO will use the capital injection to continue its German operations. Adi Keizman owns 78% of the real estate company.
ADO has a market cap of NIS 111 million, after rising 37% since the beginning of the year. The share rose 1.3% by midday today to NIS 0.39, after rising 28% yesterday on a meager turnover of NIS 153,000.
ADO core business is income-producing property in Germany. It also owns 50.5% of Asim Investments Ltd. (TASE:ASIM), which owns property in Eastern Europe. Keizman bought the stake for NIS 40 million in August 2008, but it is now worth NIS 15 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009