Airport City Ltd.'s owners would float the company at a value of at least NIS 100 million.
Sources inform “Globes” that Airport City Ltd., controlled by JOEL Jerusalem Oil Exploration Ltd. (TASE:JOEL) is considering holding an IPO on the Tel Aviv Stock Exchange (TASE). Airport City Ltd. is building Israel's largest income-producing real estate project at Airport City, near Ben Gurion Airport.
Sources close to Airport City Ltd. confirmed to "Globes" today that the company was considering raising hundreds of millions of shekels in shares and bonds over the coming months. Airport City Ltd.'s owners would float the company at a value of at least NIS 100 million.
If it goes ahead, the proceeds from the issue would mainly be used to repay bank loans. Bank Leumi (TASE:LUMI) provided NIS 450 million in credit for the Airport City project.
JOEL, controlled by Jackob Maimon,, owns 81% of Airport City Ltd., Bank Leumi 10% and Adv. Shraga Biran 9%.
Published by Globes [online] - www.globes.co.il - on March 11, 2004