Salomon Betito and Yehuda Porat will transfer most of their shares in the franchise to Globalicom Trade.
A day after the hysteria that accompanied the opening of the first Israeli store of Austrian furniture chain Kika, the holders of the Israeli franchise, Salomon Betito and Yehuda Porat, have signed an updated agreement to buy control of stock market shell Globalicom Trade Ltd. (TASE: GLTR).
Betito and Porat, who own 85% of the Kika franchise in Israel (the rest is owned by the Ashtrom group) will buy the controlling stake in Globalicom from Mainstream Holdings for NIS 9 million.
The next step will be for the pair to transfer most of their shares (76%) in the Kika Israel franchise to the shell in exchange for an allocation of shares that will establish their control of Globalicom and, as far as is known, will reflect a valuation of some NIS 283 million for the entire franchise.
Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2011
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