Tnuva Food Industries Ltd. will publish its full financial report this week, Tnuva CEO Arik Schor promised in an “IDF Radio" (Galei Zahal) interview today. This will solve the problem with Mivtach Shamir Holdings Ltd. (TASE:MISH), which was suspended from trading on the TASE in 2008 at the order of the Israel Securities Authority and ordered to either publish Tnuva's full financial reports, or to sell its 20.7% stake in Tnuva.
In response to Tnuva's announcement today that it will reduce prices of dozens of products by 15%, Schor said, "Instead of talking about internalizing ideas, we have reduced the prices of basic products. We promise to deal with product prices sensitively and correctly. There is no doubt that the cost of living protest has also affected us; we see what is happening and we understand the situation. We are trying to cut the cost of living in Israel and this is not a trivial matter. We have been thinking about how to provide Israeli consumers with our products in the best way possible, and how to find a long-term solution."
Schor said that Tnuva would publish its financial reports this week, "in order to show that we are not greedy and that we did not intend to cheat anyone. Over the last two and a half months, Tnuva has been the only Israeli company to give discounts. We are currently selling 60% of our products at discounted prices."
Schor, who was also questioned by the Antitrust Authority as part of its investigation of Tnuva over the alleged concealing of information, declined to comment on the investigation. "I am prohibited from talking about the Antitrust Authority investigation. I truly believe that Tnuva's management and the company as a whole have acted properly, and we will continue to cooperate fully with the authorities. I believe the investigation will end shortly and we will be able to return to our routine."
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2011
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