Africa-Israel Investments Ltd. (TASE:AFIL) chairman Lev Leviev is continuing the restructuring of the company. Africa-Israel Industries Ltd. (TASE: AFID) today published an offer to purchase the public's holding in Negev Ceramics Ltd. (TASE:NGEV).
In a notice to the TASE, Africa-Israel Industries said, "Since both the company and Negev Ceramics are public companies, there is no point in a public company holding a subsidiary public company, especially since trading volume in Negev Ceramics is negligible to the point of nothing."
Africa-Israel owns 76% of Africa-Israel Industries, which owns 74.72% of Negev Ceramics. Africa-Israel Industries has offered to buy 25.28% of Negev Ceramics at NIS 18.32 per share, compared with today's opening price of NIS 18.90. The offer price amounts to NIS 61 million for the public's holding. The offer is valid through November 30.
Negev Ceramics' share price rose 5.9% by midday to NIS 19.40, giving a market cap of NIS 250 million. The share price has more than doubled over the past 12 months, including 13% in the past 30 days.
Africa-Israel Investments' share price rose 0.1% by midday to NIS 25.80, giving a market cap of NIS 2.72 billion, and Africa-Israel Industries' share price was unchanged at NIS 254.40, giving a market cap of NIS 383 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2010
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