Emblaze board approves investment in IDB

Emblaze was recently taken over by Alexander Granovsky, Nochi Dankner's partner.

A few hours before the bids to invest in IDB Holding Corp. Ltd. (TASE:IDBH) will be filed with the court, sources inform ''Globes'' that the board of directors of Emblaze Ltd. (LSE: BLZ), which was recently taken over by Alexander Granovsky, Nochi Dankner's partner, has approved the investment in IDB.

On Saturday night, Emblaze's board of directors convened and approved the agreement to investment in IDB, after Emblaze's general shareholders meeting approved, by a majority of almost 90%, the transfer of the company's listing from the London Stock Exchange's Premium List to its Standard List.

Granovsky, who controls BGI Investments (1961) Ltd. (TASE: BGI), recently took over Emblaze in order to harness its NIS 500 million cash reserves for an investment in IDB together with Dankner and Netz Group Ltd. (TASE:NETZ).

At noon today, signed and sealed envelopes with the investment bids in IDB will be submitted to Tel Aviv District Court Judge Eitan Orenstin.

Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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