Tao Tsuot Ltd. (TASE: TAO-M), controlled by Ilan Ben-Dov, has sold its remaining 1.7 million shares in Azorim Investment, Development and Construction Ltd. (TASE: AZRM), amounting to 4.92% of the company, for NIS 36.8 million. Tao will report a loss of NIS 400,000 on the sale.
Two and a half weeks ago, Tao sold 2.9% of Azorim for NIS 1.02 million, and ceased to become a party at interest in the Shaya Boymelgreen-controlled company. Tao will report a loss of NIS 800,000 on that sale.
Azorim's share price fell over 65% since Tao Tsuot became a party at interest in the company in early 2008, which prompted Ben-Dov to give up and sell the holding.
Tao Tsuot's share rose 3.5% in morning trading to NIS 0.60, giving a market cap of NIS 109 million. Azorim's share rose 1.8% to NIS 22.70, giving a market cap of NIS 779 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 10, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010