Eurocom cleantech subsidiary begins TASE trading

Enlight-Sahar chairman Uri Elovitch: It's the first time the public can invest in a firm whose sole business is renewable energy in Israel.

Enlight Renewable Energy Solutions Ltd. and Sahar Investments Ltd. (TASE:SAIN-M) today completed their merger, announced on February 7. On its first day of trading as a newly merged company, Sahar's share price rose 28% by midday to NIS 0.255, giving a market cap of about NIS 45 million.

The merged company is controlled by Eurocom Group subsidiary Eurocom Communications Ltd. (with a 43.9% stake) and Givon LP (with 18.74%). The merged company will continue to be traded for name under the name Sahar Investments.

Sahar chairman Uri Elovitch said, "Eurocom Group's strategic entry into the renewable energy industry, through the merger of Enlight and Sahar, is good news for TASE investors. Eurocom Group considers this industry an important growth engine in the coming years."

Elovitch added, "This is the first time that the public can invest in a company's whose sole business in renewable energy in Israel."

Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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