The “Yediot Ahronot” Hebrew daily reports that BMV auto importers Kamor (TASE: KMOR) is considering the acquisition of a controlling interest in Granite Hacarmel Investments (TASE: GRNT). Brothers Prof. Israel (Izzy) and Oded (Dedi) Borovich and Glencore International AG control Granite Hacarmel with a joint 53% interest. Granite Hacarmel is the controlling shareholder in energy company Sonol Israel Ltd. and paint company Tambour.
The Borovich brothers own Knafaim-Arkia Holdings (TASE: KNFM). They may have to sell their holdings in Granite Hacarmel in order to bypass the Bank of Israel restriction on single borrowers, when Knafaim acquires control of El Al Israel Airlines (TASE: ELAL). The Borovich brothers also own Clubmarket Marketing Chains Ltd.
One of the Boroviches said yesterday that Kamor controlling shareholder, president, and CEO Danny Brenner had not contacted them directly, and that a sale of Granite Hacarmel was not on the agenda. Brenner is believed likely to recruit additional partners for the deal.
Through Kamor, which has a market cap of NIS 122 million, Brenner controls Agri Invest (TASE: AGRI), which operates in real estate, shipping, and cars. A Kamor spokesperson said that the company did not disclose details of its business plans.
Published by Globes [online] - www.globes.co.il - on August 30, 2004