The company will report a net cash flow of CHF 19 million (NIS 78 million), but no material profit, on the sale.
Ravad Ltd. (TASE: RAVD), controlled by Igal Ahouvi, has sold its 90% stake in a Swiss property at a value of CHF 70 million (NIS 288 million), and will report a net cash flow of CHF 19 million (NIS 78 million), but no material profit, on the deal. Ravad owned the property, a complex of two office buildings and a logistics and commercial center, through Geneva-based Grange Holdings Sarl.
Ravad bought the property in stages in 2008-09 at a value of CHF 68 million. The company will repay the outstanding CHF 59 million loan on the property. In March, Ravad and its partner bought NIS 12.9 million of the loan at a nominal value of CHF 9.7 million. Ravad reported a CHF 10.5 million pretax profit on the deal in its financial report for the first quarter.
Ravad's share price was unchanged at NIS 6.63 by midday today, giving a market cap of NIS 173 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2011
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