C. Holdings will sell over $20 million in assets, in order to improve liquidity. The company has sold 50% of a construction project in Gedera to Azorim for $7 million. The company has also sold 50% of a housing complex, located in Even Yehuda, to the Yovel group for $3.5 million.
Last year C. Holdings gave Menashe Ben-Efraim and a German partner an option to buy 7.5 acres (30 dunam) at Si’im Park in Netanya. The option is valid until November 30. If the options-holders do not take advantage of the offer, C. Holdings will sell the property on the market, for a hoped-for $1,320 per acre.
Last year, C. Holdings sold Ben-Efraim and partner 7.5 acres at Si’im Park for $10 million, at which time the purchasers received the option on the adjoining property.
C. Holdings General Manager and shareholder representative Yitzhak Sheffer, today confirmed the deals and said the goal was "to prepare for a difficult year." He said the company was negotiating other sales, but could not give details at this stage.
On December 1, the company will issue NIS 13 million in convertible debentures. Sheffer told "Globes" he estimated the company would have no problem in meeting the debenture repayment.
Over the past three years, C. Holdings has invested heavily in Eastern Europe, primarily in Russia. C. Holdings invested $920,000 in return for a 50% holding in a Moscow distillery, together with the municipality. The factory posted losses last year.
C. Holdings has also invested $400,00 in a Russian trading company, together with a local partner. Last year, the company did not operate, due to a lack of orders from customers.
The company posted NIS 7.25 million in losses last year. C. Holdings ended the first half of 1996 on NIS 8.6 million in profits, compared with NIS 13 million in losses in the corresponding period last year.