The step is another blow to parent company, Africa-Israel.
Sources inform ''Globes'' that Danya Cebus Ltd. (TASE: DNYA) CEO Ilan Ben-Gigi is leaving the company. Sources said that he resigning because of disputes over the company's strategy.
Danya Cebus is the contracting arm of Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev. The company's second quarter net profit was halved, compared with the corresponding quarter of 2008, to NIS 12.2 million, while revenue fell 24.1% to NIS 523.8 million.
Danya Cebus builds residential and other buildings, as well as infrastructure projects in Israel, Romania, and Russia. Many of the projects are owned by Africa-Israel. Projects include the PFI (private finance initiative) project Road 431, completed earlier this year.
Danya Cebus's share rose 0.7% by midday to NIS 12.05.
Published by Globes [online], Israel business news - www.globes-online.com - on September 29, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009