The Tel Aviv Stock Exchange (TASE) suspended trading in shares of Polar Investments Ltd. (TASE: PLR) for about half an hour after the market opened, following notice of an Israel Police raid on the company's headquarters.
In a terse notice to the TASE, Polar Investments said, "On April 6, 2010, a police squad came to the company's offices to conduct a search."
Trade resumed at 11:19 in the morning.
Polar Investments, controlled by Zeil Feldman's FD Holdings (Israel) LP and Giron Development and Building Ltd. (TASE: GRON), has a market cap of NIS 120 million. The company's core business is real estate in Israel and other countries, and tourism services.
Polar Investments recently signed a NIS 100 million loan agreement with the Origo debt recycling fund, after several months of lobbying by Polar's bondholders, who were worried about the company's ability to repay its two bond series.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2010
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