Azrieli Group Ltd. (TASE: AZRG) officially announced this morning that it has signed a Memorandum of Understanding (MOU) to sell fuel company Sonol Israel Ltd. to Shlomo Shmeltzer for NIS 450 million, as first revealed by "Globes" last week.
This latest agreement is part of the sell-off of non-core assets by Azrieli's holding company Granite Hacarmel Investments Ltd..
Granite has already sold paints company Tambour to Singapore-based Kusto Group Ltd. for NIS 500 million last month and is in talks to sell Supergas, and to refinance its NIS 450 million bond debt. It has also sold its stake in the Palmahim desalination plant for NIS 430 million.
Shmeltzer controls several vehicles, infrastructures, real estate, and shipyard companies, mostly through S. Shlomo Holdings Ltd. (TASE:SHLD), which owns Shlomo Sixt, Israel's largest car hire company. He also controls electromechanical systems manufacturer Afcon Holdings Ltd. (TASE: AFHL); Gold Bond Group Ltd. (TASE:GOLD), which operates a cargo terminal at the Ashdod Port; and Israel Shipyards Ltd., together with Sammy Katsav and Shlomi Fogel.
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014