NIS 5 million of the price will be in cash, and the rest through the return of Elran Investments’ owners’ loans to Elran Infrastructures.
Elran Investments (TASE:ELIN ) today notified the Tel Aviv Stock Exchange that its board had approved an agreement between Dor Gas and Elran Infrastructures, of which Elran Investments owns 63.33%. Under the agreement, Elran Investments will sell 18.5% of Elran Infrastructures to Dor Gas for NIS 24.8 million.
NIS 5 million will be paid in cash, of which NIS 2.2 million will be paid when the shares are transferred, and the rest in linkage and interest 30 months later. NIS 19.8 million will be in the form of a commitment by Dor Gas to return Elran Investment’s NIS 4.9 million in owners’ loans to Elran Infrastructures, and NIS 14.9 million in guarantees provided by Elran Investments for Elran Infrastructures’ debts.
Elran Investments noted that the agreement was subject to a number of conditions, and the necessary authorizations.
Published by Globes [online] -l www.globes.co.il - on July 16, 2003