The Fishman Holdings Unit is negotiating for a 39.65% stake in a private Brazilian producer.
Fishman Holdings unit Ten Petroleum Co. Ltd.(TASE: TNPT.B1) is entering the renewable energy sector. Ten Petroleum today notified the Tel Aviv Stock Exchange (TASE) that it is in talks to invest in the production of hydroelectric power in Brazil.
The deal being examined would involve Ten Petroleum acquiring 39.65% of a private Brazilian company which produces hydroelectric power for about $17 million. The announcement stressed that the deal was not yet concluded and no agreements have been signed so far.
Talks between Ten Petroleum and the Brazilian company began in December 2009. The Brazilian company has two hydroelectric power projects, one of them 1,500 kilometers northwest of Sao Paulo, which has been operating since 1995.
If Ten Petroleum buys the 39.65% stake, the Israeli company will have an option to buy a further 39.65%.
the company's bonds were down 0.15% on the TASE this afternoon to NIS 3.05.
Eliezer Fishman is the controlling shareholder in “Globes”.